Turning to on-chain data, the picture nonetheless called for “cautious optimism” based on buying behavior, despite macro risks.
According to Twitter analytics account Econometrics, investors both big and small making Bitcoin allocations countered potential pressure on Bitcoin from falling stocks in the event of a rate hike from the United States Federal Reserve.
“The whales are buying. The small fish are buying. That’s all good for Bitcoin,” it wrote.
Analysts highlighted “exceptionally high” stocks correlation under current circumstances.
“That means anything that could crush the SP500 is also a big risk for BTC,” it added.
