Yesterday, most risk assets traded mixed -again. With earnings coming out regularly, investors can both be reactive on the news and/or in wait-and-see mode for upcoming news. It doesn’t help that labour data is also coming through. The Fed also commented on the situation with accommodating comments. Overall equities edged down slightly, bonds and gold rose.
An interesting chart came out of Delphi Digital just overlaying bond yields and BTC prices. The top of the 10-year yield coincides almost perfectly with the top in BTC prices. This then should get us to ask: are we expecting bond yields to eventually go up, stay put or head lower down?
On the session and to go back to price action, BTC fell intraday only to now close flat and with a long lower wick. Right now, the session is closing at $32,800.
The BTC dominance seems to be rising but, yesterday, alts actually showed some outperformance and pushed the index down to 46.3.
Among noticeable performances, we have COMP, STX, AAVE, ETH. Some other coins didn’t do as well and actually fell, I’m looking at ADA, GRT, MKR and MATIC.
The mixed and inconsistent performance of crypto overall is really just a function of the “trend-less” phase we’re in, plodding along sideways with news that should be impactful to the upside or downside but leaves us unchanged.
Among such news, there was the double-whammy of BlackRock saying they see little demand for crypto and, a few moments later, someone showed that the group owns a major stake in MicroStrategy, we’re talking a hefty 14% for them alone, so… there’s that.
Lastly, to re-emphasise something hinted at yesterday already, but it seems that miners are back in accumulation mode. A chart by CryptoQuant highlights the fall in miners’ reserves, the bottoming and now the growth. Again, this is supportive because as their reserves grow, the supply and selling pressure in main markets fall and allows us to either consolidate further or just rise again.
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