Bitcoin correlations report, August 2024

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	Forwarded this email? Subscribe here for more Bitcoin, the Stock Market: Risk on the Horizon Bitcoin correlations report, August 2024 Ecoinometrics Aug 21 ∙ Preview   READ IN APP   As we discussed on Monday's edition of the newsletter Bitcoin is currently in a neutral market regime but one that's significantly bent towards the bearish side.  In particular that means weakness in broader category of risk assets could be a sign that things are heading in the wrong direction for BTC in the short term. Which is why in today's Bitcoin correlations report we focus on Bitcoin and its relationship to the NASDAQ. The Ecoinometrics newsletter gives you insights from crypto and macro data to help you make better investment decisions.  We spend hours every day gathering data, creating metrics and bringing them to life with data visualizations that allow you to quickly get to the heart of things. We then distill all that knowledge in each issue of the newsletter with less words and more charts so that you get insights, direct to the point, in five minutes or less. Join more than 23,000 investors here: Upgrade to paid Done? Thanks! That’s great! Now let’s dive in. Bitcoin, the Stock Market: Risk on the Horizon The Takeaway Bitcoin is currently undervalued relative to the NASDAQ, trading well below expected levels. NASDAQ momentum strongly correlates with Bitcoin performance, with positive NASDAQ trends typically benefiting Bitcoin. However, the NASDAQ's exceptional 10-year run raises concerns about potential mean reversion, which could negatively impact Bitcoin.  While long term fundamentals remain intact, current market conditions suggest caution. Investors should consider reducing leveraged positions and closely monitor for signs of a bearish shift, preparing for potential volatility if the NASDAQ experiences a correction or slower growth. Bitcoin is Undervalued... Unlock this post for free, courtesy of Ecoinometrics. Claim my free post Or upgrade your subscription. Upgrade to paid A subscription gets you: Big picture insights: Understand the market regime and major trends in Bitcoin and macro. Spot opportunities and risks: Identify key investment opportunities and risks in Bitcoin and crypto. Connect macro and crypto: See how macro factors influence Bitcoin and how Bitcoin impacts the crypto market.   Like Comment Restack   © 2024 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe