Morning‌‌ ‌‌Update—June 18th—Macro and Crypto Markets

Morning‌‌ ‌‌Update—June 18th—Macro and Crypto Markets


Investors seem to be finding ground after the previous session’s sell-off, the latter was triggered by the more hawkish stance from the Fed, announcing raising rates sooner than investors broadly expected. While the S&P stayed put and the Dow actually fell further, the Nasdaq managed to walk back on the losses and rise 1%. Gold unfortunately continues to drop further, down an additional 2.2%, now at $1,775.

 

Similarly, after the previous down session, BTC fell another 1% yesterday, currently a bit under $38,000.

 

While that’s happening and after the BTC Dominance index had stabilised at $46, it now seems to be edging down. And indeed we can see quite a few altcoins outperforming.

 

ETH is staying flat at $2,360. Other coins like LINK, AAVE, MATIC or XTZ are actually up between 2% and 6%.

 

More broadly speaking and to look at interesting data. Glassnode’s exchange net position change has turned negative for the first time since the May low. This is a positive. It shows the reserves of coins people would hold onto to sell are decreasing -and so that the potential selling pressure might be cooling down.

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Another chart from Glassnode shows a very interesting dynamic of maturing coins from short-term holding to longer-term holding. You can track that based on the movement of coins from their wallet. Right now, the ‘hodler’ ratio is growing while the short-term ones are decreasing.

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Another metric mentioned yesterday but with a chart now is the leverage ratio. CryptoQuant looks at the open interest divided by the on-exchange reserve and sees the ratio growing, suggesting some confidence in rising prices.

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To finish off with some news, it’s great to hear about two index providers get actively involved in crypto. One of those is VanEck, the ETF provider investing in the UK analytics startup CryptoCompare. The other one is MSCI announcing they are studying the launch of crypto indexes. 

 

By the way, totally unrelated but for EQONEX users, do be aware that a halving is coming for our native coin EQO. With limited supply, it’s very likely the selling pressure will drop as well. Make of that what you will.

 

 

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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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