> “It’s [Bitcoin's] trading like a leveraged play on broader risk assets,” Matt Miskin, co-chief investment strategist at John Hancock Investment Management, said in an interview. “It’s a more speculative investment and right now investors care more about dependability and cash flows and all that. In our view, that’s not a backdrop that changes into next year. So we see more downside risk in risk assets and crypto would be a part of that market.”

All assets have been trading inversely with the US dollar, which has been on a tear, for some time now. It's the same thing that happened during March of 2020. But this time the dollar's rise and the anti-correlation with everything from gold to treasuries to equities has lasted months rather than weeks.

Prediction: when the dollar starts falling a lot, Bitcoin will rise. That could take a long time.