Summary
- It was reported that the unexpected strength of Bitcoin and related stocks suggests growth in the virtual asset market.
- It was stated that the rise of Strategy, in contrast to the decline of the U.S. tech stock ETF QQQ, was evaluated as a positive signal.
- The maintenance of Bitcoin's current price reflects the robustness of the market and raises the possibility of refuting the claim that it is a high beta product.
There has been an evaluation that Bitcoin (BTC) and related stocks are showing unexpectedly positive trends, suggesting growth in the virtual asset (cryptocurrency) market.
On the 16th (local time), Eric Balchunas, a Bloomberg ETF analyst, stated on X (formerly Twitter), "The U.S. tech stock ETF QQQ has fallen by 10% year-to-date, but Strategy has risen by 7%. This was completely unexpected," and added, "It's also surprising that Bitcoin is still at $85,000."
He continued, "Both are very positive signals. It indicates that the virtual asset market is becoming increasingly robust," and evaluated, "In the future, it will also be possible to refute the claim that Bitcoin is merely a high beta product of tech stocks."
Meanwhile, high beta assets refer to assets whose prices move more significantly compared to the overall market volatility.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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