Macro observation:

The downtrend of the US dollar index has been established. It is expected to reach below 100 in the near future. A comparison of the US dollar index with various risk assets shows that there is a negative correlation between the US dollar index and the prices of the Nasdaq and BTC. When the US dollar index falls, risk assets rise, and vice versa!

At the same time, the decline in long-term US Treasury yields has directly impacted early fixed-income investors (short-term US Treasuries, money market funds). From the perspective of risk preference, they will transfer funds from fixed-income products to equity and crypto assets. This is incremental overflow, so it can be seen that after the US stock market recovers lost ground in the past month, it continues to forge ahead, and there is currently no need to worry too much about crypto.

Always pay attention to macro dynamics, which is basically consistent with our 24-year forecast of major asset classes: https://t.co/xxr3Zw8fdE

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