Hedge fund ManGroup analysts say crypto has become just another rate-sensitive risk asset. By willcanny99
Bitcoin has become a risk asset, according to Man Group analysts.
In a report entitled “Views From the Floor – Is Crypto Just a Rate Sensitive Risk Asset?” the analysts noted that rising inflation and the prospect of higher interest rates have “eroded the theoretical value of long-dated cashflows,” resulting in underperformance for both the Nasdaq and the ARK Innovation ETF.
This growing correlation may be evidence of a change in the nature of bitcoin as an asset class, Man Group said, noting that before 2019 the digital asset went through periods of negative correlation with both measures. Since then, correlations to “risky tech” have turned positive, it added.
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