With concerns about the global recovery and high infection rates in the US, investors sold risk-assets, yesterday, and cycled into bonds and cash. The 10-year yield retraced to 1.60% (still high, though, in the current environment) and the dollar gained against its peers. Most equity indexes dropped about 1-2% and the Russell 2000 actually dropped over 3.6%.

Looking at BTC, it held up well. In a risk-off session, it was very unlikely that BTC would rise but it is closing the session flat or slightly in the green (0.75% up), after large intraday swings.

Alts clearly underperformed across the board, losing in USD and in BTC, but not in a dramatic fashion, leaving the BTC Dominance very close where it’s been in the past sessions.

Ironically, those environments can be the hardest for traders. With no major move, it’s hard to be opinionated and some people get restless as we inch down or fail to make new -bold- attempts at the all-time high. While there are definitely indicators suggesting some downside potential, from a fundamental basis the economic climate and interest by large players continues to support a long-term bullish bias.

Just yesterday, we observed another 12K of bitcoins leaving Coinbase Pro. Those types of transactions pop up intermittently and it’s easy to discount them but it very probably is linked to an institutional player making large purchases and taking them off exchange.

It’s also interesting to see the USDT market cap reaching a record $40 billion. Whatever you/we think of tether, the amount of dry-powder this represents for further crypto investments is super supportive for the space.

Do you want some more reassuring data? Sure, here’s also a new chart published by Glassnode, showing the reserve risk (essentially a measure of long-term holders on and off exchanges). You’ll see that as prices go up, it rises until it reaches extended levels. In this cycle, we seem to still be mid-way through and with a good way to go.

Lastly, did you know that the TIME magazine is looking to hire a CFO who understands bitcoin… huh, I wonder what that means.

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