The new money chasing bitcoin ETFs has just found out that volatility runs both ways.
Bitcoin daily
The easy money on the way up has kicked off some heartburn today. The latest drop was a quick one and took out the $60,000 stops before hitting $59,387 at the low. It’s since bounced to $61,000.
Volatility is the name of the game here.
Notably, bitcoin and the Nasdaq have been very well correlated with both hitting record highs in the past week. Bitcoin often front runs sentiment in the Nasdaq as well, so I wonder if this is a sign of more pain in the NQ and broader risk trades.