Emily Parker, CoinCheck Group, joins 'Closing Bell Overtime' to talk the choppy trading in the crypto space as of late.

Wall Street

Bitcoin has experienced gains following a period of major losses, prompting discussion about the cryptocurrency's long-term outlook. Emily Parker, a senior advisor at Coincheck Group, notes that while the market remains unpredictable, macro trends such as increased institutional investment and evolving regulatory attitudes in the United States provide reasons for cautious optimism.

Parker highlights the role of large institutions like Harvard, BlackRock, and Fidelity in supporting bitcoin, as well as the significance of regulatory shifts under new SEC leadership. She also points out persistent issues with excessive leverage in the crypto market, which can amplify both gains and losses. The correlation between bitcoin and traditional risk assets, such as tech stocks, remains inconsistent and difficult to forecast.

Reasons to be cautiously optimistic in bitcoin long-term

All right, well Bitcoin finally seeing some gains today after major losses last week Is this a sign that a bounce back is on the horizon? Well joining us now is Emily Parker She is senior strategic advisor at coin check group. Japan's leading crypto exchange Emily It's great to have you on obviously you saw a huge drawdown in Bitcoin and other crypto assets Has the flushing out happened here? Can are we headed for a crypto crypto winter or are we dodging that bullet? I guess is the way I should put it I feel like if anybody with confidence answers that question They are probably not telling the truth because nobody really knows where Bitcoin price is heading But I think if we look at just some of the larger macro trends, there's reason to be cautiously optimistic So yes, this has been a pretty bad crash for those in the crypto world We're kind of used to it, but this has been bad But there are some trends that are cautiously optimistic for the long term. One of them is institutional investment Now this is obviously a double-edged sword because the institutions coming into crypto have helped bring up the price They're also exacerbating the crash. We're seeing pullouts from ETFs, for example But still for example the fact that Harvard has invested more in Bitcoin than it has in any other single stock That's a pretty important data point. You have blackrock you have fidelity These are pretty big giants in the market and the second is the big change in regulation particularly in the United States You know, you have SEC chair Paul Atkins out there saying cryptos time has come That is very much not what Gary Gensler was saying. So these are larger macro trends that I think bode Relatively well for the future even if we're in a crash right now Yeah, I mean there's Bitcoin and then there's the other crypto currencies and they're stable stable coins And I guess it raises the question here is the drawdown that we've seen more broadly across the asset class Exactly that just a broad broad drawdown or is this actually a rotation out of Bitcoin into some of these other areas where you have Utilitarian uses that's a great question I think it's too early to say that it's a drawdown out of Bitcoin into other asset classes But that's you're asking the right question For example, if you look at aetherium right aetherium has ether has been crashing as well But there are reasons again to be cautiously optimistic about ether. One reason is that ether is behind stable coins It's the network that most stable coins run on it's behind real world assets, you know real world asset tokenization refers to Basically tokenizing treasuries or gold or whatever and a lot of that is built on ETH So I think that's a relatively positive indicator that there is some utility to ether. That's not just speculation Emily How are these big leveraged bets out there say connected to Bitcoin going to affect not just it but the rest of crypto Yeah, I mean there's too much leverage in crypto. I think it's really simple I think most people would agree on that and I think that's what we're feeling right now I mean a lot of this is kind of the lingering effect of all the liquidations that happened in October It seems to some of the leverage seems to be shaking out. But look this industry has a problem with excess This has been true from the very beginning and we've been definitely seeing excessive leverage and I don't think that's good And if this shakes out some of that leverage, that's not a bad thing Is that why the downs lately for say Bitcoin are bigger than the major averages, but the ups aren't That's a good question. Also, I think to some degree. Yes I mean, I think what we're really seeing the leverage play out for example are in the whole digital asset Treasury trend Which is like for example strategy Michael Michael Saylor's operation. That's part of that These are these companies that basically borrow money to buy Bitcoin and that strategy is great when the price is just going up and up But it when the price is going down Yes It definitely accelerates and exacerbates the pain for the average investor Emily the fact that we've had such a tight correlation between Bitcoin and the Nasdaq 100 and even to a certain extent With the S&P 500. What does that signal from your vantage point? Yeah, I mean I you know Bitcoin is all over the place with this like sometimes correlated. Sometimes it's not correlated So right now you're right We're seeing Bitcoin correlating more with risky assets like tech stocks Which again kind of undercuts this narrative of Bitcoin being a safe haven or a digital gold, but it's not always like that, right? So it's hard to say because it's definitely all over the place when it comes to correlation

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Breakdown