Good Morning and Happy Monday from Cumberland APAC! Off the back of a weak macro market, crypto traded through its support on Friday, with BTC trading to a one-month low. Equity markets are showing some anxiety ahead of September’s assumed rate cut; the very thing that markets have been looking for is now making everyone extremely nervous. To be sure, equity historically markets fare poorly in the months immediately following the start of a rate cut cycle. Over the past 70 years (sample size of 17), the S&P averages a drawdown in the first twelve months of 13.6%. This drawdown is larger when the cuts are fast (-20.7%) than when they are slow (-7.4%). Because of this, we suspect the market skittishness is a confusion of causation.... 
