While I’ve been off on a long weekend, crypto markets didn’t take a break. A lot has happened and plenty of interesting data came through. I’ll try to run through it quickly.
BTC is currently at $58,000 (surprisingly close to where we were before the weekend). The hashrate has hit a new all-time high, though, typically a signal that pushes us higher. We also saw the re-emergence of a strong ‘kimchi’ premium, highlighting higher prices on Korean exchanges (more than 20%) and typically bullish. Add to that large transactions on institutional exchanges and you’d expect a massive rise. BTC remains decidedly below 60K… for now.
While that’s happening, the fascinating move was the BTC Dominance index, dropping to 56. That is…. Low! The last time it was that low wasn’t even in September of last year when alts were having a field day but more than two years ago, in April 2019.
Alts are doing great, in USD terms and BTC terms. I suspect a flurry of impatient investors looked at BTC’s stagnation and felt alts might be the better trade.
ETH reached a new all-time high ($2,145) and is up over 8% since the end of last week. LINK is up 17% over the same number of days. DOT rose as much and reached a new all-time high as well, at $46.80. LTC rose over 20%. XTZ outperformed with almost 30% over the past four days. Basically, you could’ve thrown a dart at an alts board and hit something that went up. Good times.
The total crypto market cap reached $2 trillion… that’s a lot. In my mind that’s only the beginning.
Away from pure price action:
- Grayscale is planning to convert its GBTC fund into an ETF, offering greater flexibility for their holdings/rebalancing.
- MicroStrategy added another $15 million worth of BTC.
- A Glassnode chart shows miner’s net position change in the green, suggesting they are holding onto newly minted coins, not selling.
- Both the Swedish and Japanese central banks have begun experimenting with CBDC
- And, lastly, as a piece of gossip, Arthur Hayes, former Bitmex CEO, surrendered to face US charges.
There’s more to unpack but we’ll have to save that for tomorrow’s briefing. See you then.
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