Morning‌‌ ‌‌Update—June 15th—Macro and Crypto Markets

Morning‌‌ ‌‌Update—June 15th—Macro and Crypto Markets


With investors looking at the next Fed monetary policy meeting, equity indexes rose yesterday. The S&P actually reached fresh records while the Nasdaq closed within 20bps of the all-time high. After dropping for several sessions, yields rose with the 10-year yield now close to 1.5%. It’s interesting to see equities rising while yields are bouncing back up.

 

It’s also interesting to see that BTC is also rising in that environment, albeit for other reasons. BTC fell almost 5% on Friday only to walk back on those losses and arrive back above $40,000 during the Sunday session. Over the weekend, prices gained over 13%, from the 35K to now 40K.

 

From a pure trading perspective, it’s interesting to note that the futures open interest across exchanges has stabilised (around $10-$12B), after the massive liquidations triggered towards the end of May. This can be seen as a positive, as a lot of the exuberance got taken out.

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Another point to note is the BTC dominance index, back above 45, almost at 46. In the risk-on tilt of the weekend, alts strangely didn’t benefit. They’re in the green but just not as much as King Coin. 

 

Some outperformance did come from selected coins. DOT, for example, gaining 25%. MATIC rose almost as much but over three days. LINK also showed some strength, with 16% over the weekend. Conversely, ETH is staying in range, now at $2,550.

 

I’ve come across two very interesting charts this morning. One is from Glassnode and shows coins bought early on are now maturing -showing holders did in fact ‘hodl’ and are now still very much in profit.

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Another chart, more short-term, is from CryptoQuant and looks at the bitcoin to stablecoin ratio. It’s fascinating to see that the dip-buying has been constant and at clear moments where stablecoin supply overtook BTC’s relative supply. Naturally indicators work until they don’t but it’s supportive of the latest move up.

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To move onto news, if you’re not glued to Twitter, you might be happy -or infuriated- to learn that Elon somewhat changed his tune about accepting BTC payments, saying that as miners moved towards greener solutions he would be open to reverting the decision. 

 

Couple that with the recent El Salvador news, the fact that Nigeria are discussing similar initiatives and that MSTR completed their note offering. Things felt light enough to rise again.

 

 

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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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