Opening Bell - Issue 20

This week's Opening Bell report highlights:

Bitcoin's 30-day rolling correlation with the S&P 500 has plunged into deep negative territory, a phenomenon last observed in 2019. Recent ETF flows have turned around, with Fidelity investors returning after June's significant outflows. Meanwhile, whales are moving only a fraction of their Bitcoin into exchanges compared to previous months, and the circulating supply of stablecoins has surged by $1.3 billion. From a data perspective, the outlook is more positive than Bitcoin's price might suggest, but there's a blend of bullish and bearish signs in tandem.

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