Today, crypto assets are not yet disambiguated with any sophistication by market participants. In the context of macro markets, bitcoin, ether, ADA, SOL and AVAX are all lumped together. For traders and investors who spend all day on crypto, this is of course not the case, but just watch the next time any mainstream financial news outlet covers crypto. Only rarely are these and other tokens broken out as different categories or classes. For bitcoin to stop trading like a risk asset and start trading as an inflation hedge, it needs to be viewed as a separate asset class from the rest of the crypto markets.