For most of 2023, prices for luxury watches and the CoinDesk 20, an index of the largest digital assets, moved in parallel. But then the two diverged in the third and fourth quarter of 2023 as excitement around a bitcoin exchange-traded fund (ETF) began to work its way through the crypto market, pushing CoinDesk 20 higher. The U.S. SEC green lighted 11 spot bitcoin ETFs early this month.
