The financial institution notes that headlines across the Hong Kong spot ETF launch had been additionally poor, as consideration was focussed on the turnover quantity of $11 million “reasonably than the web asset place of the brand new ETFs which was fairly good.”
Threat belongings resembling cryptocurrencies, which thrive on liquidity, are additionally going through growing macro headwinds, the financial institution mentioned. It famous that broader liquidity measures within the U.S have deteriorated sharply since mid-April.
The financial institution advises shopping for bitcoin if it reaches the $50K-$52K vary or if U.S. CPI on the fifteenth, a measure of inflation, is “pleasant.”
Learn extra: Bitcoin ETF Slowdown Is a Quick-Time period Pause Not the Starting of a Unfavorable Pattern: Bernstein
