Perp signal points toward market bottom

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Ahead Of The Curve

09 Sep 2024

Perp signal points toward market bottom

Correlations between BTC and the S&P 500 have grown to 23-month highs as macro dictates momentum ahead of the first cut. A persistent bearish sentiment in perps has flashed a rare but solid signal, making a compelling case for aggressive exposure.

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De-risking is the theme

BTC fell by 10% following weak U.S. job data but recovered some losses over the weekend to book a -3% weekly return. ETH weakness continued as weekly returns sit at -7%. Uncertainty over the economy and the impact of the Fed’s first rate cut has driven de-risking across markets, as the S&P 500 and Nasdaq currently see negative returns for September. Correlation between BTC and the S&P 500 has reac