Bitcoin has subjected investors to a wild ride over the past couple of months, betraying historically favorable seasonality to start the fourth quarter while notching steep losses. In better news, the largest cryptocurrency appears to have found its footing as it traded above $90,000 for much of the week ending December 5.
Bitcoin’s recent price action could portend foundations of a rebound — a scenario that would benefit ETFs such as the Coinshares Valkyrie Bitcoin Fund (BRRR). Some market observers suggesting bitcoin could be nearing a run of out-performance against other well-known asset classes. That potentially enhances the near- to medium-term allure of BRRR.
For example, Nigel Green, CEO of global financial advisory group deVere Group, said that because bitcoin was recently subjected to more aggressive selling than gold and growth stocks, the digital currency could be ready to outpace equities and the yellow metal.
In order for bitcoin and ETFs like BRRR to rebound in earnest, risk appetite needs to be reborn. That applies to more than just the digital currency. As Green pointed out, bitcoin has increasingly become an accurate sentiment gauge.
“Bitcoin has increasingly behaved as a leading indicator for broader risk assets, particularly US technology stocks,” he observed. “In recent months, moves in the NASDAQ have been reflected in Bitcoin’s price action, but with significantly greater amplitude on both the upside and the downside.”
He added that bitcoin’s moves have been “exaggerated” equivalents of what takes place with the NASDAQ Composite Index. That indicates that the cryptocurrency could be a tell as to what happens next with growth and technology stocks. Said another way, if investors bet on a bitcoin rebound, the sentiment could carry over to tech shares.
Perhaps adding to the case for a bitcoin rebound is the “why” behind the recent sell-off. It goes a long way toward explaining why that pullback was arguably deeper than it should’ve been.
“Corrections driven by deleveraging are uncomfortable but constructive,” noted Green. “They clear the market, reduce fragility, and reset positioning in a way that allows genuine demand to reassert itself.”
In another “why” — meaning why bitcoin could soon outperform equities and gold — Green said macroeconomic trends, including the possibility of another Federal Reserve rate cut this month, support the case for bitcoin exposure.
“When macro pressure eases even slightly, Bitcoin tends to react aggressively,” says Green. “It doesn’t need a perfect environment. It needs a shift from fear toward selective risk-taking.”
For more news, information, and strategy, visit the CoinShares Content Hub.
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