Morning‌‌ ‌‌Update—April 27th—Macro and Crypto Markets

Morning‌‌ ‌‌Update—April 27th—Macro and Crypto Markets


Markets are decidedly up this morning. The S&P reached new highs yesterday and the Nasdaq is also feeling undoubtedly bullish, now close to its all-time high. 

 

I also like to look at commodities like copper or lumber as a sign of economic health, and right now both of those are at record levels. In the meantime, the USD continues to lose value against its peers.

 

In the crypto space, it's a field of green. As suggested in earlier briefings, plenty of investors saw the recent retracement as a buying opportunity. On the session, BTC rose almost 10%, from $49,000 to now $53,700.

 

This happened while exchange reserves remained at all-time lows and the stablecoin market cap continued to rise. Miners weren’t selling and, if anything, we saw whales depositing BTC into derivatives exchanges—a behavior typically seen when large players want to take massive long positions after prices bottom out.

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With BTC doing so well, one could assume it would be leading the charge, but nothing could be further from the truth. Alts are actually still outperforming—as they have been recently—pushing the BTC dominance index even further down, now at 51.2. 

 

The alts dynamic is very interesting. It’s almost like performance has been ordered from smaller/newer to larger/older, with the newer ones outperforming. ETH, LTC, and LINK are up about 8%. DOT and ADA both rose 11-12%. AAVE and SNX jumped a healthy 12-13%. XTZ and XLM rose a tad over 15%. 

 

Rather than talk about news, I want to share some charts from Glassnode’s recent report. You can clearly see market dynamics during this retracement. 

 

Newer buyers were shaken out while longer—maybe steadier?—holders held on or increased. This is apparent not only on the short-term SOPR (spent output profit/loss ratio), but also on the age-band spent output, where you essentially see newer addresses selling at a loss while older addresses are keeping their coins. Miners, on their side, have also been accumulating rather than selling.

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Justin d'Anethan
Justin d'Anethan

Sales Manager at Diginex and EQUOS. 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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