Loading Posts...

Crypto Indices by Fundstrat Global Advisors

Crypto Indices by Fundstrat Global Advisors

Here are some points from the Fundstrat Crypto Indices Weekly Performance Review

Over the past 7 days, the FS CryptoFX Agg Index decreased by 19.7%, compared with a 1.0% decrease for the S&P 500 (Slide 6). Bitcoin traded 19% lower than the prior week.

  • Two major drops on Tuesday and Thursday afternoon caused BTC to fall 15% and 7% respectively. Compared to its recent high in late June, Bitcoin has retraced/retracted ~40% to $8,000 from $14,000. According to JPM, the price drop last week was likely due to the launch of Bakkt and expiration-day effect of Bitcoin futures.

  • We had previously pointed out that the short-term risk/reward was not favorable for BTC in late July when our proprietary Bitcoin sentiment indicator – Bitcoin Misery Index (BMI) – fell below 66. Furthermore, a weakening BMI reflects a risk-off signal, and our work has also shown a trendless macro environment is not supportive of Bitcoin. Therefore, we believe Bitcoin is still a waiting game – i) waiting for BMI to bottom and ii) waiting for a clear macro trend (e.g. an S&P 500 upside breakout).
Avatar

Classiarius

The author didnt add any Information to his profile yet

Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.
Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

Classiarius Guest Posts
Classiarius allows guests to write articles on blockchain, finance, and analysis on technology, political risks and crpytocurrencies. You may include links to your previous content in your articles. Write Guest posts
Loading Posts...