May’s rally shows momentum is back, but macro signals aren’t fully clear yet

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	Forwarded this email? Subscribe here for more Risk-On Rotation Lifts Bitcoin, But It’s Still a Volatile Ride May’s rally shows momentum is back, but macro signals aren’t fully clear yet Ecoinometrics Jun 2 ∙ Preview   READ IN APP   Bitcoin is taking a breather, trading about 5% below its all-time high. That’s not unusual, especially after the kind of sharp rebound we saw in May. But to really understand what this move means, we need to look at how Bitcoin performed relative to other macro assets. That perspective helps clarify Bitcoin’s role in a portfolio and tells us something about where we are in the broader risk cycle. In this issue, we’ll break that down from three angles: how Bitcoin fits into the recent risk-on rotation, how it compares on a risk-adjusted basis, and what the NASDAQ’s trend signals about the macro backdrop. Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions. Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics. Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy. Join over 32,000 professional investors and fund managers: Upgrade to paid Ready? Let's dig into the data. Risk-On Rotation Lifts Bitcoin, But It’s Still a Volatile Ride The Takeaway Bitcoin rallied strongly in May alongside a broader surge in risk assets, confirming a shift toward renewed investor appetite for high beta exposure. But while returns were impressive, Bitcoin still lags gold on a risk-adjusted basis, reflecting its persistent volatility. ... Continue reading this post for free in the Substack app Claim my free post Or upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2025 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe