The shift of investors from the stock market to Bitcoin means that major changes have taken place

Although Bitcoin has undergone several days of adjustments, at the time of writing this report, Bitcoin's price fluctuations are still in a favorable position and may impact the new all-time high price. The number of daily active addresses and transaction volume are both very good. Great.

In fact, many people have very optimistic expectations for this cryptocurrency. Quite a few market investors are betting that Bitcoin will have a price of $80,000 in April.

Jan & Yann pointed out on the 24th that "this Friday, the Bitcoin option contract worth 6 billion US dollars will expire. And the price of Bitcoin in April is expected to be high, and many investors believe that the price of Bitcoin may rise to more than 80,000 US dollars. ."

However, in the discussion around on-chain data and indicators, we often ignore the role of the macro environment, making it an important topic mentioned in the latest "Uncharted".

Why is it worth paying attention to the macro environment? Isn't the cryptocurrency market proud of its irrelevance? But the truth is that this is not always true.

The adjustment of bitcoin prices is caused by the general downturn in the stock market. The “quarterly rebalancing of institutional investors” and the emergence of the new coronavirus in Brazil have increased uncertainty, and rising interest rates have also promoted this trend.

In fact, the above-mentioned "correlation" appeared after March 2020, when the correlation between BTC and the S&P 500 index rose from 0 to 0.25 during the same day. This is an unfavorable factor for institutional investors to enter, and the investor base of the cryptocurrency market and the stock market is increasingly overlapping.