remember when btc was supposed to be the inflation hedge? oil is up 75 percent since january. gold is up 40 percent year over year. btc is sitting roughly where it started the year. the macro trade that was supposed to drive everything up together broke apart when a real supply shock hit and the market had to pick between things you can burn and things you cant.

not saying btc is dead. but the argument that it moves with commodities during a crisis took a pretty clear hit this year. the safe haven rotation went to things that physically matter when shipping lanes close.