In the traditional space, last Friday’s session was marked by disappointing jobs results. The US added 200,000 jobs instead of the estimated -hoped for- 500,000. 

Towards the end of the session, though, the sentiment eased up a bit as people noticed that the three-month moving average was still a solid 550,000; so if that pace remains, we’ll be back to pre-pandemic level by July next year, which is ok.

In the crypto space, it feels unfair to say we’re ‘stagnating’ when BTC is in fact in the mid 50K’s but.. Yeah… we’re not moving much. The weekend kept a steady range between 53K and 56K. The interesting move is the BTC dominance, rising in no uncertain terms while alts suffered. 

Exception made of STX that’s risen about 60% over the past seven days -with a wick even higher in the 80%- most alts have suffered a pullback over the weekend and definitely during yesterday’s session. In the past 24 hours, LUNA, MATIC, LINK, AVAX are all down around 7-8%, while BTC holds up.

The BTC Dominance index is now past 45, highlighting the transition.

With ETF rumours, gossip, conversations firing all around, I suspect a large chunk of investors -including definitely institutional ones- are focused on BTC. You can actually see a great chart from Chainanalysis looking at the growth of large holders (people with more than 1,000 bitcoins) growing steadily.

There’s another very interesting chart from JP Morgan (believe it or not) showing the stark transition or relative growth of BTC funds compared to gold ETFs… It looks like more and more people are picking up on the value of the Bitcoin blockchain.

For diversified holders, though, I wouldn’t despair; if anything, those cycles are the opportunity to load up on favourite alts at discounted prices and either sell back for a quick profit or hold long-term with hopes that the BTC dominance does retrace back. And I think it will.

By the way, last information nugget. Did you see the update from Glassnode on long-term holders? It seems that the base of strong-hand is growing, supportive for BTC of course but also, I suspect, for the whole space.

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