Markets confused most investors yesterday, with a mid-session bounce that reversed course later on to finish once more in the red. One can imagine the emotional rollercoaster for some traders turning bullish and seeing those hopeful bets -once again- fail.
The S&P, Nasdaq and Dow are all in the red for yet another session, all mostly down 5% from all-time highs. Gold and bonds continue to hold up, along with the dollar.
BTC is falling just like equities are, albeit with maybe more volatility. After the previous session’s 9% drop, BTC fell another 6%, breaking below the 45K resistance and briefly touching $39,800. We’re currently back up slightly, at $40,900.
As one would have expected, the BTC dominance is rising but, really, not by much. We’re currently at 42.40.
While AVAX and STX are holding up, pretty much any altcoin you would look at is down. Among the worst performers, XTZ and ATOM are falling a full 10% on the session. LINK, LUNA and MATIC are down almost as much.
Onto news and onchain data:
It’s great to hear of Invesco and Galaxy Digital partnering up to propose a BTC ETF in the US, which would be physically-backed.
We also heard for crypto miner, Genesis Digital Assets, raise over $400 million in new capital.
There are also two charts I thought were really interesting.
The first one shows NFTs and the amount of pieces that are actually resold (meaning find a buyer). In a not so optimistic way, it shows that most artwork (73%) isn’t ever transacted more than once.
With a more optimistic tilt, a chart by CryptoQuant seems to suggest that we’re still very much in an accumulation phase. By looking at exchanges inflows and outflows and overall exchange reserves, we can see that people are holding more and more, and really not prepared to sell more. Naturally, that can change rapidly but, for now, while prices drop, the impetus is still to the upside.
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