BTC vs SPX Still the chart to watch here. This filters out all the equities weakness "noise". The BTC/SPX ratio held its 2024 highs and Daily 200MA/EMA nicely during all the volatility. Once equities find some sort of bottom and/or some uncertainty gets removed out of the market, I'd expect this ratio to climb higher. Especially with bond markets showing cracks and the Bank of Japan (emergency) meeting today. Once you see signs of QE/YCC that's your cue to watch very closely in my opinion. Don't think the Fed is likely to step in just yet but if the pain in the bond market get worse they might. That's why it's good to watch the BOJ as potential first steps.