In a research note published earlier on Friday, Matrixport said it was not yet time to be completely bearish on Bitcoin, but recommended cutting exposure by 50% if the price of Bitcoin fell below $22,800.
U.S. stocks have started to sell off again and U.S. bond yields are moving higher, the report said. The 2-year U.S. Treasury note is currently yielding around 4.87%, up from its November 2022 high of 4.8%, and the spread, or spread, between 2-year and 10-year Treasury yields is at an unhealthy -0.87% level.
The cryptocurrency’s daily trading volume has dropped from around $80 billion to $60 billion, indicating a drop in traders’ interest in the cryptocurrency market, while continued outflows from the BUSD stablecoin resulted in a market capitalization drop of less than $10 billion.
The report also pointed out that the 60-day correlation between Bitcoin and the Nasdaq index is at its lowest level since December 2021. This decline in correlation is beneficial to holding long-term cryptocurrency exposure, as investors Future technology growth expectations can be adhered to, while the downturn in macro data seems to have a greater impact on US-listed technology stocks.