ETH Network Fees Near YTD Lows, Friend.tech Resurrects

BTC continues to slide after trending lower over the weekend, reaching levels not seen since mid-June at $25.1k. Notably, the daily time frame is nearing a bearish “death cross,” which occurs when the 50-day simple moving average (SMA) crosses under the longer-term 200-day SMA. While not a surefire predictor of an impending bear market, it indicates a clear shift in trend, with investors showing caution in a seasonally bearish period. Ethereum is underperforming Bitcoin after falling to $1.5k, following its death cross ten days ago. Solana is underperforming among the top 10, dropping 8.8% over the last week. Markets seem to be front-running potential selling from FTX, which will receive a court ruling later this week on its request to liquidate its crypto assets, including an estimated $650m of SOL -9.26% . While this represents a significant amount of outstanding supply, the holdings would still be subject to vesting lock-ups and weekly liquidation limits between $100m-$200m. U.S equities are moving higher to start the week, with investors looking to assess this week’s upcoming CPI release and next week’s FOMC.