Mark Mobius, co-founder of Mobius Capital Partners says if you trade stocks, you should probably be taking a long close look at the behavior of Cryptocurrencies right now.

In an interview Wednesday he said, “Cryptocurrencies are a measure of investor sentiment. Bitcoin goes down, the next day the Dow Jones goes down. That’s the pattern you get. That shows that Bitcoin is a leading indicator.”

He goes on to point out “the time to buy stocks” is when institutional investors have decided to “throw in the towel” and stop putting money into the market because of their losses. That is the bottom of the market, when all hope is lost.

Bitcoin has lost billions to the fear of global recessionary risks as the token has dropped from near $70,000 to near $20,000. At the same time, the closely watched MSCI world equity index dropped well into bear territory as supply chain issues in Europe and China mixed with fears of federal banks all over the world tightening monetary policy due to rising inflation.

Mobius went on to note that as long as bitcoin buyers “are still talking about buying on dips that means there is a feeling of hope. That also means that we have not reached the bottom of a bear market.”

A veteran emerging markets investor, Mobius said he is holding “some cash,” and may use it to buy into some Indian stocks in the building-materials, software and medical-testing sectors.