Bitcoin has not participated in the latest meme stock frenzy this week.

Although this week's stock market action might indicate a big crypto rally is on its way, crypto stocks are not running alongside meme stocks as they did three years ago.

Over the past two days, GameStop and AMC Entertainment have both experienced gains of over 160%, while bitcoin has remained relatively stable, changing only 0.1%. In comparison, in 2021, GameStop and AMC experienced significant growth, with GameStop rising 821% and AMC rising 373% from January through April. Bitcoin also saw gains in that time, though they were more modest, totaling 96%.

"Antoni Trenchev, cofounder of Nexo, stated that the world was not in 2021 when it was locked down and awash with liquidity. He reminded that GameStop mania peaked in January 2021, before bitcoin's more than $60,000 highs in April and November that year. Trenchev suggested that GameStop may be acting as a leading indicator ahead of the next leg of bitcoin's post-halving run."

The stronger-than-expected U.S. producer price data indicates that the macroeconomic and inflationary environment is not favorable for a bitcoin rally, and it is likely to remain rangebound after an explosive start to 2024.

While there are numerous cryptocurrencies beyond Bitcoin, meme coins have not yet joined the party in the same way. In fact, Shiba Inu coins have only risen about 3% each in the past two days, according to Coin Metrics.

Bitcoin is often viewed as unique within the crypto industry due to its macroeconomic influences, with limited specific catalysts to consider, such as the launch of U.S. bitcoin exchange-trade funds or the Bitcoin halving that occurs every four years.

Noelle Acheson, an economist and author of the "Crypto is Macro Now" newsletter, stated that the meme stock run was merely a preliminary step and that macroeconomic factors continue to impact Bitcoin.

If tomorrow's inflation data exceeds expectations, it may improve spirits, but uncertainty remains high, she stated.

In 2021, the U.S. allowed the launch of the first bitcoin ETFs, primarily driven by BlackRock, the world's largest asset manager. These funds are predicted to draw in new investors, consistent inflows of cash, and decrease volatility. Moreover, the 2023 U.S. regional banking crisis, which initiated the current bitcoin trend, made many individuals recognize cryptocurrency's potential as an alternative financial system and safeguard against unpredictability.

""Bitcoin is no longer viewed as a speculative asset, but rather as a store of value with a broader holder base and some level of institutionalization, according to Acheson," said Acheson."

Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, stated that despite being categorized as a meme stock in 2021, the bitcoin market is now showing signs of being taken more seriously.

""Bitcoin has become more commercial in its ETF wrapper, and both retail and institutional investors tend to hold both bitcoin and ether, rather than day trading it like meme stocks," she said."

Bitcoin has recently pulled back after briefly reaching $73,000 in the first quarter, with investors describing it as a healthy move. However, with few catalysts and macroeconomic headwinds, these investors warn that the lull in bitcoin's price could last several more months and potentially pull prices even lower.

"Bitcoin's next move is unlikely to be triggered by the meme-stock frenzy, according to Trenchev. He stated that these periods of consolidation can last for a long time and are extremely boring."