Odd Lots
The Crypto Bear Market Is Wrecking a Popular Bitcoin Narrative
Crypto winter hasn’t driven people back in the arms of Bitcoin.
The logo of bitcoin engraved on a piece of wood in Arnhem, Netherlands, on Thursday, Nov. 10, 2022.
Photographer: Valeria Mongelli/BloombergThis article is for subscribers only.
Whenever something bad happens in the world of crypto, Bitcoiners love to point out that they’re apart from all that.
And indeed, historically one pattern that has emerged seems to be that during bull markets, other non-Bitcoin coins acted as high beta plays, meaning people dashed for smaller, more speculative tokens when the going got good. When the tide goes out, however, Bitcoin’s ‘blue chip’ status has tended to reassert itself.