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Just noticed how stocks and crypto are basically moving in lockstep again. BTC is sitting around $74.6K after getting absolutely wrecked earlier this week when the Nasdaq started tanking. ETH is worse off, down to $2.34K. The whole sector just follows whatever Wall Street does at this point.
What's wild is the Fear & Greed Index hit 5 - like, actual extreme fear territory. Even some longtime bull analysts are getting bearish now. Standard Chartered's guy just slashed his price targets and is warning BTC could drop to $50K. That's the kind of thing that makes you wonder how much worse this could get.
The stock market correlation is brutal for crypto right now. When stocks go up, we barely move. When they crash? We get absolutely punished. Meanwhile, funding rates on major exchanges have been negative for almost 50 days straight, which tells you everyone's positioning for more downside. Doesn't feel like we've hit bottom yet.