$SYN A 15% plunge in 24 hours, 0.38 has become the last line of defense for bulls. Last night, the Fed minutes hinted at no rate cut in September, causing a surge in real rate expectations. The correlation coefficient between the S&P 500 and BTC has fallen below 0.6, with capital fleeing from risk assets to US Treasuries. Simultaneously tracking the 30-day rolling correlation between COMEX copper and SYN: when copper drops 1%, SYN follows with an average drop of 0.8%, but last night copper rebounded 0.3% while SYN continued its downward momentum—indicating that long liquidations in derivatives are not yet over. In terms of operations: 0.42-0.44 is a dense accumulation zone for shorts; a rebound to this range may warrant considering stop-loss. If 0.38 breaks down with volume, the next support is at 0.34; for those without positions, a pending order can be set. In the short term, watch the impact of tonight’s non-farm payroll data on BTC. A breakout above 0.42 would confirm a reversal. I specialize in connecting mispricings between traditional and crypto markets—focus less on sentiment and don’t just look at the charts.