Here are the “negative yield” trade. Bitcoin and gold had been the go-to allocation as global negative yielding debt rises (and falls) with the monthly correlation exceeding .70.
BTCUSD began to deteriorate ahead of gold , and this is interesting because the decline began to occur as financial risk indexes began to tick higher.
These two assets should continue to follow global yields in tandem, but it’s unknown when these two will be tapped for liquidity. This may be occurring in bitcoin .
Near-term TACVOL range for bitcoin: 11,431/7,708
- The Macro Strategist