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Reading https://ecoinometrics.substack.com/p/underpriced-all-the-way-down-a-pattern
TLDR 
The article discusses a pattern in Bitcoin’s price correlations, indicating that Bitcoin, Ethereum, and miners are currently underpriced relative to leading assets like the NASDAQ.
Key Points 
- The NASDAQ 100 is on the rise, and Bitcoin is chasing after it
- Ethereum is chasing Bitcoin, and the miners are chasing Ethereum
- This pattern suggests that Bitcoin, Ethereum, and miners are underpriced compared to the NASDAQ
- If the macro environment remains favorable for risk assets, now could be a good time to take long positions
In-depth Summary 
The article examines the current state of Bitcoin’s price correlations, noting a pattern that suggests Bitcoin, Ethereum, and the miners are underpriced compared to leading assets like the NASDAQ.
The author observes that the NASDAQ 100 is on the rise, and Bitcoin is chasing after it. Meanwhile, Ethereum is chasing Bitcoin, and the miners are chasing Ethereum. This sequential pattern of price movements indicates that the relative valuations of these assets are out of sync, with the leading assets (NASDAQ) overpriced and the trailing assets (Bitcoin, Ethereum, miners) underpriced.
The author suggests that if the macro environment remains favorable for risk assets in the coming months, now could be a good time to take long positions, as Bitcoin looks ripe for a breakout and the underpriced assets may be due for a catch-up rally.
ELI5 
The article is saying that Bitcoin, Ethereum, and the companies that mine Bitcoin are all cheaper than the NASDAQ stock index right now. This is because the NASDAQ is going up, and Bitcoin is following it, and Ethereum is following Bitcoin, and the mining companies are following Ethereum. So the more “leading” assets are more expensive, while the “trailing” assets are cheaper. If the overall market stays strong, this could be a good time to buy the cheaper assets like Bitcoin, Ethereum, and mining stocks.
Writer’s Main Point
The main point of the article is that the current pattern of price correlations suggests that Bitcoin, Ethereum, and the miners are underpriced relative to leading assets like the NASDAQ. If the macro environment remains favorable, this could present an opportunity to take long positions in the underpriced assets.
