A green end to September

After an uplifting Tuesday morning, BTC sees a positive seven day-return of 3% in what’s been a volatile week in global financial markets. We’ve witnessed a plunge in the British Pound and yet another hawkish FOMC, but crypto market stands strong.

BNB (5%) again outperformed BTC and ETH (1%) this week. This has been a theme throughout the year. BNB has seen strong relative YTD performance, with yearly returns of -46% compared to ETH’s -63% and BTC’s -56%. BNB seems to benefit from growing Binance dominance and less downward pressuring backlash following the crypto credit crisis in June, as neither Celsius nor 3AC held significant exposure to the asset.

BTC’s 90-day correlation to the S&P 500 is declining. However, as illustrated in this article, we see that short-term correlations are on an uptrend caused by important market-moving macro events in September.

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