Yesterday, so Monday US time, equity indexes rose. The S&P reached new records while the Dow and the Nasdaq came inches away from beating their all-time highs. Conversely, bonds were sold pushing the 10-year yield higher. The risk-on tilt came as expectations for this earnings season are, well, positive.

In the crypto space, which for a while now seems more and more disconnected from traditional market moves, seems to be just stagnating. Neither bulls or bears are able to move BTC out of its range or this narrowing formation. On the session, BTC fell just 3%, from 34,000 to 33,000.

While the BTC Dominance had been rising in the past few days, it was flat yesterday. Most alts lost but some outperformed relatively speaking, with AAVE, ADA and MKR falling just 2%. Some alts underperformed like LINK, DOT, MATIC or ETH, falling between 4-5%.

Away from pure price action, a flurry of interesting Glassnode charts came across my desk today.

The first one tracks the miner outflows relative to the new coins minted, showing whether they are selling BTC to get cash, or, if they’re holding on. This is relevant because it tracks whether large sources of  supply think the current price is a decent exit price or not. Right now, they seem to be accumulating, which suggest less selling pressure and the impetus to go higher.

Two other charts look at exchanges inflow and outflow as well as actual exchanges reserves. We look at these because they hint at traders’ mindset: are they putting coins on exchanges to sell or are they withdrawing them to hold. Again, it seems that those participants too are unwilling to sell their coins now and that the supply of coins is diminishing, which reduces the selling pressure.

Lastly, I think most of us are wondering if the decrease in price has turned people away from cryptocurrencies or BTC in general. If one looks at the number of new entities on the network, the answer is unequivocally ‘no’. If anything, more participants have come in now than they had before or at any since the first bitcoin issuance.

All this leads me to believe that, while we might be in range now and while we might also still see lower prices (depending on the motivations of admittedly larger players), the interest, activity and price expectations remain upward.

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