Macro investors in digital assets consider historical environments in which cryptocurrencies have thrived as well as more challenging environments, such as 2022. Last year, digital assets were sensitive to the Federal Reserve's efforts to tighten financial conditions, and keeping a pulse on market conditions, particularly real and nominal interest rates and credit conditions, can help navigate the crypto cycle better by offering a better risk-adjusted return than a simple buy-and-HODL approach. (Coindesk)