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利率公告成為頭條新聞,但真正的市場機制更為深層。實際的管道是流動性流動。
以聯邦儲備的資產負債表為例——系統中的第四條管道。當它擴張時,新鮮的流動性湧入市場,資產開始移動。比特幣立即捕捉到這一點。與大多數由故事驅動的資產不同,BTC作為純粹的流動性指標。它不等待故事發展;它首先對貨幣供應做出反應。當央行改變其資產負債表立場時,相關性變得更加緊密。這才是真正的alpha所在。