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The Bitcoin Macro Investor
Your top-down guide to the most important macro themes for Bitcoin & Cryptoassets June 2024
Key Takeaways
• Performance: In May, Bitcoin and cryptoassets outperformed traditional assets like equities, with Ethereum leading due to the Ethereum spot ETF approval in the US. There was no significant altcoin outperformance indicating a broader risk appetite return.
• Macro: Market liquidity is shifting, yet growth outlooks remain positive despite risks from Chinese monetary policy tightening and a potential US recession. Yield curve steepening suggests a US monetary policy turnaround, likely only with a US recession.
• On-Chain: A short-term weakness is anticipated until the Halving’s positive effects emerge around summer 2024. Contributing factors include slowing ETF and on-chain flows, heightened valuations, increased whale selling pressure, increasing macro risks, and unfavourable summer seasonality.
Full Report
We would like to share with you our June The Bitcoin Macro Investor report which can be accessed on our website by clicking the link below:
