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The Macro Backdrop Is Turning Against Bitcoin

The shift in rates and financial conditions is starting to pressure Bitcoin demand.

Ecoinometrics

Mar 30

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Over the past few weeks, we’ve been pushing back against the idea that Bitcoin had decoupled from U.S. equities.

That narrative was always a bit too convenient.

Bitcoin can move on its own for short periods of time. But when the macro environment starts to shift, those divergences don’t usually last. They tend to close and they tend to close in the direction of the broader market.

That’s exactly what we’re starting to see now.

U.S. equities have moved lower, the macro backdrop has become less supportive, and Bitcoin is getting pulled back into that same risk-off dynamic.

So the question isn’t really about correlation anymore.

The real question is whether this shift in macro conditions is now strong enough to slow down or even reverse the recovery in demand we started to see earlier this month.

Because if that’s the case, it’s a change in the conditions that were supporting Bitcoin in the first place.

Let’s walk through the data.

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