Big Players Betting Against US Stock Market
- Hedge fund led by Michael Burry bets over $1.6 billion on short positions against US stock market
- Micheal Burry’s hedge fund buys put options against S&P 500 and Nasdaq 100
- US Senator Tom Carper invests in an inverse ETF betting against Nasdaq-100
Increasing Correlation Between US Stocks and Crypto Market
- Bitcoin shows no statistical relationship with Nasdaq 100 and S&P 500
- Bearish data trends spark growing correlation between investor behavior in both markets
- BTC/S&P 500 correlation coefficient increases from -0.65 to 0.47 in August
Dropping Demand for BTC Among US Investors
- Vital on-chain data shows cooling demand for BTC among US institutional investors
- Coinbase Premium Index indicates decline in buying pressure on Coinbase
- US investors decrease demand for BTC in August
Potential BTC Price Prediction
- A significant downswing in US stock markets could force BTC price toward $25,000
- Initial support from addresses that bought BTC at $27,057
- BTC bulls could stay in control if price reclaims $31,000
Hot Take
The recent bets against the US stock market by big players like Michael Burry and the decreasing demand for BTC among US investors suggest a potential correlation between stock market trends and BTC prices. If Wall Street triggers a stock market downswing, it could affect the price of BTC. However, the BTC price could also be influenced by the actions of BTC bulls and resistance levels. Keep an eye on both the stock market and BTC price movements in the coming weeks.
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