Morgan Stanley on BTC and equities,

  • Retail investors are no longer the dominant crypto trader.
  • The increased involvement of institutions, which are sensitive to the availability of capital and therefore interest rates, has contributed in part to the high correlation between bitcoin and equities.
  • The correlation between bitcoin and equity indices has remained high and will continue to do so unless bitcoin becomes widely used as a medium of payment - which looks unlikely to happen soon.
btc volume retail 11 May 2022