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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! Crypto has opened on its back foot this morning, with BTC and ETH down 2.5% open the weekend. This pullback brings us back near the low of last week’s trading range, and seems to be due to a loss of momentum rather than any distinct headlines. US equities closed last week on all-time highs on the back of a newly dovish Fed, and while crypto dramatically outperformed equities in October and November, for the past two weeks it has underperformed. Since Dec 6, BTC is down 6% while SPs and are up 4% and the Nasdaq is up 6%. It could be that we’re entering a period of low cross-asset correlation, but typically these correlations tend to kick in at the extremes, and if stocks continue to run,...