Through the current bull phase, gold has led bitcoin, with one exception.
With fund flows firm, volatility structurally declining and market euphoria cauterised, the bases are loaded.
Technical: Gold leads, bitcoin follows – volatility, fund flows and back in the “Fear” zone
On-Chain: Valuing bitcoin through the lens of Metcalfe’s law
Macro: Inflation and debasement are back – the UK and Japan
Cryptoverse: Stablecoins arrive on the Bitcoin Network…it’s more than “digital gold”
