POPA ReconCrypto Underperformance Is Not In Isolation
Crypto Underperformance Is Not In Isolation Liquidity expansion since 2023 has been modest, with Fed net liquidity showing only slight growth amid TGA and RRP drains. Multiple charts illustrate broad economic sectors like transports, homebuilders, retail, and metals/mining have underperformed the S&P 500 by 9-21% over the past year, mirroring crypto's relative stagnation It attributes narrow market leadership to $6T in AI-related CAPEX flows, estimated to drive nearly 50% of S&P 500 FY2026 EPS growth, with Mag7 and SPY performance closely tracking Bitcoin https://open.substack.com/pub/base…
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