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🇺🇸 Midterms may bring more volatility, but history suggests macro still matters more.
J.P. Morgan data shows the S&P 500 averaged a 9.2% return in midterm years, compared with 13.3% in non-midterm years, while Q4 averaged +6.6%.
Crypto tells a similar story:
2018 Midterms: $BTC -46.9% | $ETH -51.2% over the next 90 days
2022 Midterms: $BTC +22.7% | $ETH +20.9% over the next 90 days
📌 Elections can reshape uncertainty, but rates, liquidity and growth remain the bigger market drivers.
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