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Prominent macro trader Alex Krüger offered his perspective on the abrupt Bitcoin (CRYPTO: BTC) downturn, suggesting a connection to political developments.
What Happened: “If trying to rationalize the move, I’d say it was a partial reflection of Kamala doing very well in the polls (polls, not betting markets),” Krüger noted in a Tuesday post on X.
Krüger highlighted an emerging pattern in market behavior, dubbing it the “Trump trade” versus the “Kamala trade.” He noted “The Trump trade is long bitcoin and long small caps. The Kamala trade is the opposite.”
To illustrate his point, Krüger shared a chart showing Bitcoin and the Russell 2000 (a small-cap stock index) moving in tandem. This correlation suggests that political sentiments are increasingly influencing both crypto and traditional markets.
Why It Matters: Krüger's analysis suggests that the political undercurrents may demand a new playbook for traders in the ever-changing landscape of cryptocurrency and small-cap stocks.
Crypto chart analyst Ali Martinez noted that long-term Bitcoin holders are buying rapidly by adding more than 110,000 BTC to their portfolios. In another tweet, he highlighted the proportion of short and long accounts in Binance futures.
Crypto trader Jelle highlighted that after taking out downside liquidity, Bitcoin is moving closer to short liquidations around $72,000. The trader concluded, "Get above those highs, and I doubt bears can hold the price down again."
These interpretations suggest that Bitcoin’s short-term direction remains a contentious question.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $BTC
