The Wartime Outperformance

“As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160 basis points,” Lee said. 

“This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points,” he added.

He noted that the inverse correlation between crypto and equities and oil has reached its highest level in the past year. 

Rising oil prices create a headwind for both equities and crypto until markets become comfortable with oil’s future trajectory. 

Lee expects the crypto winter will likely end when the upside risk to oil prices peaks.

The 5% Target

Bitmine now owns 3.92%…

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