A warning on crypto

Until last week, bitcoin had been outperforming against its usual global macro drivers - the S&P 500 and gold. Since last week it started underperforming its global macro drivers, leading me to wonder whether a medium or long term top is now in process. This post explains how some of the drivers propelling this bull market are fading, draws parallels to previous cycle tops, and explains why crypto may top out sooner than most people think.