From a macroeconomic valuation perspective, the #bitcoin remains undervalued, as the attached chart shows. Our cross-risk sentiment indicator summarizes data from all global asset classes. It fell only slightly in November and recovered significantly in December, although bitcoin prices fell and remained at a low level. Macro models that explain the price development of Bitcoin based on key macroeconomic factors show a strong increase in residuals. This suggests that the current weakness is not related to the macroeconomic environment.
