Wintermute: Bitcoin Outperforms Nasdaq as Altcoins Bleed
- —Bitcoin leads Nasdaq by 3.5 points, acting as the main defensive asset
- —Altcoins dropped 5.69% on the week, ETH lost 7.0%, spot ETF outflows hit $679 million
- —A break above $87,000 opens the path to highs; losing $82,500 targets the $70,000s
- —Correlation among top 50, 100 and 250 assets has returned to peak levels
Why it matters: The Oct. 28 FOMC decision will determine whether Bitcoin breaks out of its range or retests $70,000.
Source: U.Today