`Don't Fight the Fed' May Matter for Bitcoin/Beta Bitcoin was considered the fastest horse in the race but has flatlined vs. the S&P 500 (SPX) since 2021 despite averaging about 3x the volatility. It may be a warning for highly speculative and volatile cryptos and broader risk assets. My graphic highlights a close companion of the Bitcoin/SPX ratio -- Federal Reserve tightening expectations, which are pointing downward. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tnihbukgifps {BI COMD} #Bitcoin #stocks #FederalReserve @BBGIntelligence