In the general risk-off sentiment, we saw BTC pull back about 4.2% on the session, with intraday lows down 8.3%. We’re still at decent—or should I say consolidating—levels, currently at $56,000. The BTC Dominance index remains low, currently at 45.5.
ETH, which fell intraday, is closing in the green (still outperforming), currently just a tad below $4,000.
Along with ETH, COMP and SOL held on well. Other alts suffered more: I’m thinking in particular of LINK, DOT, and ADA, respectively down 10%, 8% and 5%.
Onto more long-term and fundamental data, the numbers still point to a very supported and very bullish set-up.
On the one hand, we still have an increasing supply of stablecoins, which, obviously, suggest fresh fiat capital is coming into the crypto space to be used on exchange—and, naturally, to buy crypto.
On the other hand, we then see deeply negative exchange net flows (that means more coins moving away from exchanges and fewer coins going in), suggesting that more people are hodling and fewer people are ready to sell. We’re seeing that on OTC desks as well, where the supply is much lower than pre-bull run (and that’s a good thing, to have less selling pressure).
It’s also interesting to see less leverage on derivatives exchanges in comparison to recent times, when BTC was at these levels. With more real money going in, leverage can come later, if/when we go for another leg up.
The picture looks very similar for ETH, which says: there’s no reason to get out of here.
By the way, so that I don’t leave you without daily news: Did you hear that UBS is now exploring offering crypto investments to qualified investors? While this can be dismissed as just another bank talking crypto, it is not just that. Another massive bank receiving enough interest and seeing enough value in the crypto space to start making the shift ultimately means more capital flowing in.
Written by: Justin d'Anethan, Sales Manager
Welcome to the Weekender: Your weekly round up of the most viewed stories of the week, as voted by you, our readers. This week has seen the negative news flow replaced with tales of adoption, it appears the central bankers, country leaders, and the financial institutions have all agreed: Digital finance is here to stay.
Bitcoin has remained subdued today, with a tight $1,500 dollar trading range. Weekend trading sessions have been volatile as of late, which heighten awareness and interpretations of price action. We could well see fake out moves to both the upside and the downside this weekend, as the market looks for a move that doesn't transpire.
While global investors seem to believe we’re in a recovering economy, the inflation data that came through earlier today in the US, left most selling risk assets for now. Stocks retreated and bonds were bought, pushing the 10-year yield below 1.5%. Gold also edged lower.