There is a sick joy that crypto traders have in the present macro market given the tumble of stocks, bonds and most any risk asset – returns in crypto look less horrific, writes Bob Savage. He’s presenting at Crypto Intelligence TradersExpo Las Vegas.

Schaudenfreude isn’t a trading strategy.

The lack of any selling of note in October in crypto markets has been taken as a sign of strength, or at least in the lack of correlation to other markets. However, the lack of volume and lack of larger interest maybe another side of this argument.

Many of the crypto agnostics are worried that even with the Yale Endowment investment and the Fidelity Investments custodian stories, institutional flows haven’t happened.

Forbes: Fidelity launches institutional platform for bitcoin, ether.

The entire market lacks volatility and volume, making the relevance to wealth creation less obvious. This week’s focus is on the bear arguments and weighing them against the usual set of fandom that dominates the space.

Risk of bitcoin (BTC-USD) et al should logically be connected to the fate of technology and when the FAANGs suffer, can BTC be an island unto itself? The chart suggests no correlation but that doesn’t make the drop in BTC any easier to swallow.

View TrackResearch.com, the global marketplace for stock, commodity and macro ideas here