This lends itself to the following hypothesis:
Purchases of AM tend to go to sellers who convert the btc to cash, driving down btc exchange rate and simultaneously increasing AM share prices as reinvestment means less shares available for sale.
Remember, prices are set at the margin based on marginal supply and demand.
With BTC there are, most likely, significant amounts of savings which people, for whatever reason, do not want to move out of Bitcoinlandia. AM, as one of the very few reliable investments, is drawing in capital. Since the price rises from this and because of the weekly dividend, which contributes to the 'savings glut', the result most people just keep sitting on their shares.
After all, where else are they going to park their capital? We have already seen one person 'cash-out' their AM to pay off their student loans. But now that their USD cash-flow is freed up and if they generate positive monthly cash-flow then where will they be directing that capital? Probably BTC and AM shares or something similar.
This is actually an extremely positive development in Bitcoin's growth as money and currency because it is increasingly being used as a numeraire in the performance of economic calculation by market participants, largely due to the advancements in mining. The speed at which this is happening is really astounding.
