Cryptocurrency Analysis and News Portal
“Our futures position proxy based on CME bitcoin futures, which tends to be used mostly by institutional investors, has spiked over the past week rising not only to the highest level for this year but also to levels last seen in August 2022 before the FTX collapse,” the analysts wrote,
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“Part of the reason is that the stress in the banking system reinforced bitcoin’s store-of-value properties,” the report said, and because BTC mainly exists outside of the traditional financial system “it offers a hedge against current conditions.” Source
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“As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds, a crypto investment firm, wrote in a report on Thursday.
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Solana “remains a near-term standout” after reaching $235, but may see some minor consolidation following the latest rally. FSInsight predicts further gains up to $308.60 and suggests buying during dips. If, however, there is a pullback, FSInsight sees first support in solana at $178.56 and then at $152.54. Source
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