Fast Take
S&P 500 faces headwinds
- The S&P is roughly up 7% in 2023, however many of the good points have come from seven tech shares, which coincidentally have the biggest market cap within the index.
- Whereas these shares have extremely elevated PE ratios, excessive charges and an absence of stimulus will present headwinds for these shares and S&P 500 as an index. As Q1 earnings season approaches.
- Whereas the S&P 500 is beginning to de-correlate farther from Bitcoin, roughly at a 50% correlation. On the identical time, the Nasdaq is right down to a 42% correlation with Bitcoin.
GBTC
- The GBTC low cost continues to slim, because the low cost to NAV is beneath 38%, whereas it was as excessive as 50% in This fall of 2022.
- GBTC is up 117% 12 months thus far, outperforming Bitcoin, which has simply surpassed $30,000.
- CryptoSlate did an in depth market report on the GBTC commerce that had additional implications for the crypto business.
The put up S&P 500 index, Bitcoin present additional indicators of decoupling as tech shares prop up index appeared first on CryptoSlate.
