Shorting BTC and going long QQQ/NDX. recurring pattern

During the market session, the Nasdaq and BTC track each other on the downside but not upside, in which BTC lags considerably. Anyone else observe how consistent this is?

TO profit, at the start of the trading session, you short BTC (like using BITO) and then go long QQQ in equal size. You hold for the whole day and then close both legs. And that is it.

The short BTC position will hedge all of the downside of QQQ but not participate in the upside. This has been remarkably consistent, including today and last week even though BTC gained 4k. It works best when QQQ is green , like today. Last week QQQ fell 2% on the SVB failure and BTC fell 10% in the session. very profitable day.

Perhaps it can be explained by the increased financialization of Bitcoin and the importance of afterhours effects. In short, funds buy crypto at night and sell in the day, taking advantage of increased liquidity of the stock market.