Crypto fund hedge exec projected BTC could extend the dismal performance into Q3.According to Quinn Thompson, founder and CIO of crypto hedge fund Lekker Capital, BTC’s negative‘I suspect over the next 4-6 weeks we get one of these’The Nasdaq Composite tracks major US tech stocks. The correlation between the index and BTC is typically tracked by the BTC Pearson Correlation.
Interestingly, the Index has printed a new record high while BTC nosedived to $65K. Per Thompson, the correlation could retreat lower due to unfavourable macro conditions based on the Fed’s ‘hawkish’ stance.Overall, BTC has been outperforming US stocks in the past seven years. The king coin maintained its win in Q1 2024, too, rising 67%.Per recent Bloomberg, JPMorgan analysts were ‘skeptical’ about the current pace of crypto inflows extending for the rest of 2024.
As of press time, BTC was down nearly 7% in Q2. On the contrary, the Nasdaq Composite and S&P 500 Index were up 7.7% and 3.4%, respectively, TradingView dataSo, per Thompson’s projection, further decoupling between BTC and US tech stocks could suggest that US tech stocks might maintain their lead on the king coin in the next month or so.
However, on year-to-date performance, BTC was up double digits compared to US indices’ single-digit gains.However, Deribit Insight’sapproval, tentatively by 2nd July. If the improved sentiment is sustained into the new week, BTC could bounce from the press time value of $66K.