With yields retreating slightly, the dollar retracing down, lower concerns over inflation, equities rose across the board yesterday. The S&P jumped more than 1%, the Nasdaq more than 2.5%, the Dow continued its price exploration above 32,000. 

It’s worth noting that the 10-year yield is still above 1.5%.

In the crypto space, we’re riding the wave up. BTC rose over 3.5% on the session, testing the 58K levels (the all-time highs reached back in Feb), and is now closing the day at that very level.

Alts are mostly up, in dollar terms, but really only retracing the losses suffered in the previous session. Overall, the BTC Dominance index is up further, at 62.3, suggesting that atls underperformed in BTC terms. 

I like to look at the total crypto market cap (BTC+ALTS). Unsurprisingly, we’re steadily back up to all-time highs, at $1.73 trillion. That means that regardless of specific coin performance, more capital has flowed into the space (or never really left). 

With a growing stablecoin supply and also derivatives open interest reaching fresh record levels (see Glassnode chart), my conviction that a flurry of new, large, and sophisticated traders came in the space is only solidified.

Almost to coincide with that narrative, Bakkt (the ICE’s custody and crypto product solution) was just awarded a BitLicense in New York. Volumes have remained tamed on the exchange but the license is a step in the right direction and will surely enable many more players to pour in.

Even more bullish in my eyes, the on exchange balance of BTC continues to steadily decline. If there aren’t enough coins to be sold, guess what happens to prices, to cope with the demand?

Lastly, as a silly but maybe not insignificant piece of news, an NFT was sold at Christie’s for $69 million. That’s a serious auction house and a serious amount of money. It’ll be fascinating to see how blockchain changes the status quo.

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