A relatively tame US session is ending at the moment. The S&P maintained its gains, the Nasdaq retraced but only barely, the Dow is holding on. Yields are where they should be and the dollar just inched down. The only mover is gold, falling about half a percent.

In the crypto space, typically more volatile, we’re seeing a similar dynamism -or lack thereof. 

BTC, after a visit at $61,300, retraced to close the session literally at the open, at $59,900. The day is flat. The BTC Dominance index however is edging further down, at 55.20.

You wouldn’t see it by looking at the large cap alts, though. After good gains, they’re not outperforming and rather retracing (I’m thinking of ETH, LINK, DOT, LTC, etc.). The growth is to be found in more specific -and exotic?- coins. ADA continued to gain, then we saw XLM, AAVE, SNX, MKR, etc.

Supportive of that growth in crypto markets we can see Tether’s market cap hitting $45 billion… that’s a whole lot of capital circulating for -we assume- the trading of cryptocurrencies.

While that’s happening, we’re seeing more strides made in crypto-linked investment products. For example Galaxy Digital just filed for a US Bitcoin ETF. There also seems to be flows not just in BTC focused products but into funds exposed to different digital assets.

There’s also development made on the corporate side. The board of MicroStrategy will now be paid in BTC. I’m very curious to see how that will turn out, from an operational perspective and for the members. It’s not just MSTR, apparently the TIME magazine will allocate part of its balance sheet to BTC.

By the way, check out this chart drawn out by QCP Capital. Do you figure we’re due for another leg up, or a retracement?

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