Coin-stock linkage, bad news = bad market?
1. Fundamentals
1. On Wednesday (August 7), the auction of the 10-year U.S. Treasury bond, the "anchor of global asset pricing", was poor, and the yield rebounded for the third consecutive trading day (price fell), returning to the level before the release of the non-farm report last Friday.
2. Ukraine is making trouble and has once again carried out large-scale provocations in the Kursk region of Russia. The geopolitical conflict between Russia and Ukraine has the potential to escalate again.
3. Affected by this, the Dow and S&P rose by more than 1% on Wednesday, and the Nasdaq rose by more than 2% at one point. After lunch, U.S. stocks turned down and closed at the lowest point of the day. The Nasdaq fell by more than 1%, and BTC fell by more than 3,000 points, entering the shutdown currency price range again.
4. After the financial market was shaken, Japan's top foreign exchange official sent a signal to stabilize the market. The official said in a speech on Wednesday that when the financial market is unstable, the Bank of Japan will not rashly raise interest rates. The market is relatively calm, but the financial market has entered the "bad news is a bad market" stage, and the shock remains.
2. Derivatives data
1. Data from CME Group shows that $BTC and $ETH maintain positive premiums for futures and spot, with BTC spot and futures premiums of 1.06% and ETH spot and futures premiums of 1.59%. Positive premiums indicate that investors are optimistic about further rebounds, and ETH has a larger positive premium, indicating that investors are more optimistic about the rebound of ETH.
3. Market tone: Big cake
Consolidation repair market. The panic in the Bitcoin market has eased.
From a technical point of view, it can be determined that this round of decline has stopped.
Can it usher in a larger rebound? What do you think?
