The headline today is, of course, President Biden’s infrastructure plan (over $2 trillion worth of spending). Investors regained some optimism and favored tech-heavy indexes such as the Nasdaq and the S&P. It’s worth noting that bonds continue to be sold, pushing the 10-year yield to 1.75%. Yesterday, we also suggested gold had reached a support level and could be due for a bounce back, and just that happened, with a 1.4% rise on the session.
In crypto, probably enjoying the risk-on tilt, most coins are up. It’s fascinating to see that during a more risk-focused environment in macro markets, alts seem to gain over BTC. The latter is essentially flat, while a flurry of other coins are outperforming. On a longer term basis, though, it’s interesting to see BTC options suggest an 18% probability of BTC hitting 100K by the year’s end.
In regards to alts, ETH rose a hefty 4%, but DOT led the way with an almost 10% gain on the session. We also saw interesting projects such as XTZ and LINK follow suit with 4-5% gains. Privacy coins also shone and outperformed BTC, with DASH, ZEC, and XMR rising between 1-3%.
Away from pure price action and toward more fundamental news (besides yesterday’s massive announcements—PayPal’s advances and Bakkt’s crypto consumer app), we saw further developments come through.
Goldman Sachs is set to offer Bitcoin and other digital assets to its wealth management clients in Q2. While not unexpected, it is still very significant in regards to adoption growth.
It’s also great to see that new buyers seem to be hodlers. A beautiful chart from Glassnode showed the maturation of coin holdings from 3 months to 6 months. It’s on the rise, meaning that coins purchased during the beginning of this bull run haven’t moved—and don’t intend to?
On a lighter note, we saw Chipotle announced they will be giving away ‘bitcoins and burritos’ as part of an effort to reach Gen Z consumers.
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