ByteFolio Issue 154;
There has been some reprieve for financial markets as the tech sectors have been spared the worst of tariffs. Bitcoin is insulated from the trade wars, but when investors take fright, everything feels the pain.
Bitcoin ByteTrend Score 2 of 5
In recent weeks, I have shown how Bitcoin resides relative to the technology sector. It is such an important chart because if Bitcoin can remain this strong, in relative terms, it鈥檒l be a lasting winner. Disillusioned tech investors will buy Bitcoin, and the fact that it has been no worse than tech is remarkable. It used to be a 5x tracker; now it鈥檚 more like a 1x. This is another sign of Bitcoin鈥檚 increasing maturity.
Bitcoin and Nasdaq
But those investors aren鈥檛 coming over quite yet, as the market is still seeing outflows from the ETFs. When this flow improves, it will be supportive of price.
Bitcoin Held by ETFs
Outside Bitcoin, the crypto space remains weak. Our market breadth indicator, the ByteTree Crypto Average (BCA), is in a terrible state, on a ByteTrend Score of zero.
BCA
The portfolios remain defensive, which is where they need to be until things improve.
