Bitcoin's Calm Amid Soaring Bond Market Volatility Points to 'HODLer'-Dominated Crypto Market

Since the early days, cryptocurrencies, including bitcoin , have been criticized for being too volatile relative to traditional markets and unreliable as a medium of exchange or a store of value.

One explanation for bitcoin's relatively calm is that most macro traders sensitive to the Fed policy and traditional market volatility left the crypto market early this year. And the crypto market is now dominated by"HODLers" – investors intending to hold BTC long-term in hopes that the cryptocurrency will eventually evolve as digital gold and a medium of exchange.

"They did not really care about the seizure and censorship resistance, they wanted the upside potential, and because crypto assets were treated as high-risk vehicles, they started to behave as such," Acheson noted. The 90-day correlation coefficient between bitcoin and the S&P 500 increased from 0.5 to 0.94 in the second quarter, perhaps a sign of macro traders divesting crypto holdings amid risk aversion in the equity market. The 90-day correlation dipped to 0.44 last month and stood near 0.7 at press time, still elevated but well below the second-quarter high of 0.94.

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