1/3

My usual weekend chart ... the relationship between the S&P 500 (ES) futures and bitcoin (BTC).

Why so tight a relationship? Institutional adoption of BTC has essentially turned it into a "high beta" version of ES.

Or, as I called it, BTC is a 24/7 VIX. pic.twitter.com/5RO2ZqsiZm

— Jim Bianco biancoresearch.eth (@biancoresearch) August 27, 2022

3/3

Note that this weekend's crypto selloff is currently LARGER than last weekend's selloff ... at the same point in the weekend.

On Monday, August 22, the S&P 500 closed down 90 points, or -2.1%. BTC selloff last weekend suggested this was coming. pic.twitter.com/JrvjxDrG82

— Jim Bianco biancoresearch.eth (@biancoresearch) August 27, 2022