Bitcoin and Fed Balance Sheet are pretty well correlated.
Can you link raw data?
At this point, the marginal buyer is a leveraged investment firm. So, the hypothesis is not a crazy one.
0.3 +-+----+------+------+------+------+-----+------+------+------+----+-+
+ + + + + A + + + + +
| A AA |
0.2 +-+ AA AAAAAAA+
| AAA AA AAA AA |
0.1 +-+ AAAAA AA AA A A +-+
| AAAAA AAA A AA |
| AA A |
0 +-+ A AA AA AAA +-+
| A AA A |
| A AA AAA A |
-0.1 +A+ AAA AA A A +-+
|AAA A AAAAA AAAA |
|A A A |
-0.2 A-+ AAAAA A AAA AA +-+
A AA AA AAAAA |
-0.3 +-+ AA +-+
| A |
+ + + + + + + + + + +
-0.4 +-+----+------+------+------+------+-----+------+------+------+----+-+
2017/1/1 2018/11/25 2020/10/11Assets have been rallying across the board after Biden looked like he was going to win. The theory is that because it appears the Republicans will still hold on to the Senate, the government will effectively be gridlocked and the Fed will have no choice but to increase asset buying in absence of big fiscal stimulus.
You can see that in rates crashing Tuesday/Wednesday after rising in anticipation of a "Blue Wave" that never happened and risk assets increasing across the board.
If they are remotely right that bitcoin is a liquid inflation protected asset then the demand for such an asset should increase in a world of more and more QE from central banks.