Morning‌‌ ‌‌Update—March 29th—Macro and Crypto Markets

In case you missed it, Friday’s session closed on a very bullish note. Equities rose across the board while bonds were almost ignored. The S&P index gained 1.6% while the Dow had its highest close ever. It is worth noting that a large amount of block trades occurred during the weekend, suggesting that we might have surprise moves on Monday, to the upside or the downside. So far, in Asia, futures indicate a slight bullish tilt.


While commodities are struggling (there’s still a massive ship blocking the Suez canal), digital commodities are doing just fine.



BTC rose almost 8% on Friday, and after the large expiry took place, it continued to rise on Saturday and is now closing the Sunday session flat, at $55,800.


During BTC’s ascension, the BTC dominance remained at constrained levels, at around 61. Alts performed well, with XMR rising about 8%, ADA rising 10%, and BNB up 15%. ETH and LINK held on and matched BTC’s performance.


A question that popped up often in the past week's retracement was: “Is this the top? Could this be the end?” Everything is possible, but I remained unbudgedly bullish. Compared to 2016-2017, this rally has a lot less exuberance but it’s also denoted by a much clearer institutional investment -a trend which, in my opinion, has only started.


A beautiful chart from CryptoQuant highlights something that I’ve been talking about for months. The ‘all exchange stablecoin ratio’ (SSR) compares the BTC market cap with the stablecoin market cap. Right now the indicator is at very low levels, suggesting that there is plenty of buying power to take us higher. Couple that with low on-exchange supply and the set-up that took us from the 30K’s to the 50K’s remains.



With regards to institutional buying, just over the weekend we saw yet another massive withdrawal from Coinbase Pro suggesting that, again, a large buyer is making regular purchases.



There was also the report that a New Zealand fund manager (essentially a pension fund) is looking to allocate 5% of its assets to bitcoin. The importance of such a move and the trend it can start (has started?) cannot be overstated.



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Justin d'Anethan
Justin d'Anethan

Head of Exchange Sales at EQONEX. 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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