Bitcoin struggles at the $30,000 level, inflows into BTC investment products reach $200 million, the highest level in a year

Macroeconomics and financial markets

In the US NY stock market on the 27th, the Dow average stock price was 12.7 dollars (0.03%) lower than the previous day, and the Nasdaq index closed at a point (1.16%) lower.

The US Federal Reserve (Fed) and Chairman Powell have indicated the possibility of further interest rate hikes after July, which is weighing on the market as the monetary tightening phase is expected to be prolonged.

The Tokyo stock market, which has been performing steadily, is also at a critical moment. It has fallen sharply in the past few days and is showing signs of a correction phase.

Amid a growing sense of overheating, such as hitting the highest price in 33 years since the bursting of the bubble economy, large-scale rebalancing sales such as ETF sales at the end of June and Government Pension Investment Fund (GPIF) There is a view that they were warned.

GPIF is an organization that contributes to the stability of pension finances by managing and investing pension reserves and paying the profits to the national treasury. In order to prepare for future pension payments through long-term management of pension funds, diversified investments are made in asset classes such as stocks and bonds.

Rebalancing refers to buying and selling to maintain the proportions of asset classes based on the asset allocation policy established by GPIF for portfolio risk management.

JPMorgan Chase & Co. estimates that the GPIF will need to sell $37 billion worth of stock, Bloomberg reported Wednesday.

He said the rebalancing would be the biggest since the fourth quarter of 2021 as sovereign wealth funds and pension funds around the world cut their exposure to equities and allocate them to bonds.

The moving average deviation rate (25th), which had remained above the overheating level of +5%, fell to +1.52 as of the 26th.

nikkeiyosoku.com

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connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, the Bitcoin price rose 0.7% from the previous day to 1 BTC = $ 30,437.

BTC/USD daily

Although the price in April of this year was renewed for the first time in about two months, it stalled before the major resistance line (upper resistance line).

Institutional money flows into digital assets such as cryptocurrency mutual funds recorded a net inflow of $199 million, according to a weekly report from asset management firm CoinShares. It reached the highest level in the past year.

About 50% of the cumulative outflow of the past 9 weeks due to worsening sentiment, including the US SEC (Securities and Exchange Commission)’s largest crypto asset (virtual currency) exchange Binance and Coinbase, has been recovered. The inflow into the coin was limited.

coinshares

There is no doubt that the background is the Bitcoin ETF (Exchange Traded Fund) application of BlackRock, the largest asset management company.

connection:What is an exchange traded trust “Bitcoin ETF” | Why the application of BlackRock is attracting attention

A report from Kaiko Research found that the correlation between Bitcoin (BTC) and the tech-heavy Nasdaq 100 hit its lowest level in three years.

The temporarily increased correlation coefficient means the progress of decoupling.

kaiko

connection:Correlation coefficient between Bitcoin and major US stock indices remains high at 0.85 in the previous quarter | CoinGecko report

Meanwhile, the correlation between Bitcoin and gold recently hit a multi-year high of around 50%.

connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?

[Recruitment]Recruitment of new personnel due to Web3 business expansion

Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.

1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)

Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW

— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023

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