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Weekend Surge Brings BTC to $42k, Inflows Remain Strong

Dec 4, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. $BTC has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was $STX, the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the start of this month. $ETH, while also on an upward trajectory and currently trading above $2.2k, hasn't quite kept pace with Bitcoin, leading to a noticeable uptick in Bitcoin's market dominance over the past 24 hours. Parallel to the crypto rally, we've observed a notable jump in crypto equities. COIN, soared to a new YTD high, reaching around $145 per share. Miners aren't left behind either, with WGMI registering a robust 10% gain today. This rally is particularly noteworthy as it persists amid a bounce in interest rates and a simultaneous decline in both gold and equities, with major stock indices nearly 1% down today. This divergence underscores the current low correlation of crypto with other traditional macro assets.ETP and stablecoin data continue to demonstrate strong inflows. Crypto ETPs and stablecoins are witnessing strong inflows, with Coi

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