If you’re a holder of risk, you probably don’t feel too happy today. We’re by no means at low levels, if anything we’re still high, but one can observe a pullback on most assets. The S&P and Nasdaq walked back on most of yesterday’s gains. The only exception might be gold, which is holding up.
Crypto is going down, still, that’s the sixth down day in the past week. BTC fell 3.5%, from the $53,800 open to the current $51,900. We actually had intraday lows take us as far as $50,500.
The highlight might be for diversified crypto holders. If you’re holding alts, they’re gaining in BTC terms (and so your total account value denominated in BTC should be higher). The BTC Dominance is still down at 51.3.
The above is mostly driven by ETH. It’s beautiful to watch. Against a risk-off tilt across markets, Ether continues to rise and even broke record levels, yesterday. The new all-time high is $2,645. We didn’t stay there, though, currently closing “just” 3.5% up, at $2,440. Looking at the Grayscale funds, you can see the ETHE flip back to trading at a premium.
Broadly, the other alts are down in USD terms but, again, just now as much as BTC and so are outperforming relatively speaking. Some coins did gain, in USD and BTC terms, I’m looking at MKR, COMP, AAVE and, to a certain extent, LINK that is holding on.
Away from pure price action, news coming through is still overwhelmingly positive.
Morgan Stanley’s bitcoin fund drew about $30 mil in just two weeks, according to filings.
It’s also interesting to read reports on BTC’s hashrate. It was touched up before but the Chinese operations are gradually switching back on, pushing the chart at least some way back to previous levels.
As a last information nugget, I’m looking at Glassnode’s NULP chart (net unrealised profit/loss) which ends up being a gage for fear or exuberance. If previous cycles are any indications, we’ve still got plenty more room to go. Enjoy.
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