Quantum Computing Not Behind Bitcoin’s Recent Decline, Says NYDIG
- NYDIG research indicates that increased search interest for “quantum computing Bitcoin” coincided with Bitcoin’s price rise to all-time highs, not its decline.
- Bitcoin showed a positive correlation with quantum computing stocks like IONQ and QBTS during the recent drawdown, suggesting a shared market driver rather than quantum fears.
- The broader macro repricing of risk across long-duration assets is seen as a more plausible cause for Bitcoin’s weakness than any technological threat from quantum computing.
- CME’s higher basis compared to Deribit suggests US institutional desks are more constructive on Bitcoin than offshore markets.
NYDIG argues that the recent sell-off in Bitcoin isn’t primarily driven by fears of quantum computing advancements but rather by a shift in overall risk appetite affecting long-duration assets. The data shows no direct causality between quantum concerns and Bitcoin’s price movements.
Despite heightened search interest in quantum risks, these occurred alongside price gains, not declines, reinforcing that broader market dynamics are at play in Bitcoin’s recent performance. (Source)
