It has been nearly two months since we last updated on multiple asset markets, including cryptocurrencies, stocks, and commodities. Since our last update, many of our ideas and viewpoints have been validated, especially regarding the relative performance of these three asset classes. Overall, cryptocurrencies, stocks, and commodities have performed relatively weakly, mainly due to expectations of a global hawkish shift, which includes tightening financial conditions driven by rising inflation. The recent surge in oil prices has undoubtedly supported this hawkish stance, strengthening the US dollar.

Cryptocurrencies
The crypto market remains in a macro downtrend. We have been in a bear market for about six months. Historically, we have about 4-6 months left to complete the bear cycle, and like in the past, we expect to find a macro bottom in the fourth quarter. We will use our long-term buy signals to identify the macro bottom range.