It’s an interesting -albeit maybe confusing- time to look at global markets. With positive expectations but also negative factors investors are all over the place. The dollar is rising, stocks are rising as well (typically you’d expect the opposite), bonds are sold nudging the 10-year yield higher, gold is staying in place while commodities whipsaw at their own pace, lately with oil gaining and then retracing on its gains, or lumber futures boldly rising.

With regards to commodities, by the way, are you aware that a massive cargo ship is essentially blocking the whole Suez canal, stopping other boats from going through?

In any case, back to our topic of interest: crypto. BTC is not feeling too jovial right now. With intraday lows retesting the 50K levels, we’re now closing a bit back up but still in the red, at $52,000. It’s worth noting that today is a rather large BTC options expiry day. It typically gives free range for traders to place new massive bets over the weekend and so could be a great reversal point.

Alts are doing what they’ve been doing throughout the week: they’re holding on. Some underperformance here with LTC, XTZ, or DASH, but also some outperformance there with ETH, DOT, ADA and also a flurry of more DeFi-looking coins -I’m thinking of AAVE, MAKER or COMP.

So what now? Well I don’t give advice but I love sharing what I do, and here it is: I’m not parting with any of my coins any time soon. With exchange supply dropping significantly (even during retracements) the dynamic of low selling pressure continues to support higher prices. 

We’re also seeing more BTC addresses pop-up, typically linked to more people just getting involved and entering the space. 

On top of that, just overnight I saw a flurry of positive news reports coming through: Fidelity applying for a BTC ETF (it’s about time!) and even Goldman Sachs applying for crypto-related investment products. There is also the Soros fund investing in a data-provider’s funding round. People want (need?) to get involved.

Last information nugget: did you see that the GBTC discount has reached a record 14%... That’s looking like an easy way to buy very cheap bitcoins.

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