Accelerating Exchange Outflows, Mastercard Announcement, New Records All Around - Daily Macro And Crypto Markets

It’s another day and… another flurry of all-time highs. With the infrastructure bill that passed in the US most equity indexes rose, globally, and just at the close in the US you could see the Dow, the S&P and the Nasdaq reaching new records. No surprises here, the big guys are pumping more cash in the system.


That’s also good for crypto, obviously. When people turn risk-on, they go for a variety of assets and definitely the hot one at the moment.


Right now, at this moment, BTC is breaching new highs, topping the previous $67,000 and now making way to 68K. This is important. We’re essentially in price discovery mode in a capitalising asset while cash is sloshing around… we can push much higher.



As always, I’m talking about the medium term, there’s plenty of games being played and plenty of leverage for quick pull-backs or even deeper corrections to occur along the way.


In the alts realm, we’re underperforming slightly in BTC terms but definitely in the green on a USD basis. You know I like VET and it’s a pleasure to see it gain 11% on the session. There’s also MKR and WOO that are rising around 10%. LUNA and LINK are next in line with a 6-7% performance. 


Naturally, we can’t talk about alts without mentioning ETH that’s been breaking new records throughout yesterday and even now, with an all-time high above $4,800… 5K beckons!


There are two charts I’m looking at this morning. The first one is expected, the exchange’s inflows and outflows, which show us whether people are putting bitcoins on exchange (to sell), or if they’re taking them off (to hold). Right now you can see outflows accelerating, suggesting that even at higher prices, people don’t want to part with their valuable bitcoins. Thanks Glassnode.



From the same data provider, we can also see the BTC thermocap which is a fancy word for the amount of money and computational power dedicated to mining and thus securing the network. Right now, we’re hitting all-time highs and of course that should solidify investor’s faith in their bitcoin buy and hold.



Lastly, as a quick information nugget, the best news that came through yesterday was Mastercard planning to launch crypto-linked payment cards in Asia Pacific. This is big and is just another notch towards full crypto adoption.



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Justin d'Anethan
Justin d'Anethan

Head of Exchange Sales at EQONEX. Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.

Daily Market Update
Daily Market Update

A quick market update (1-2min read). Every week day, morning in Asia, I go over major moves in macro and crypto markets, linking fundamentals to price action.

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