Bitcoin

$BTC

The highly anticipated February CPI report was released this morning, showing slightly higher than expected readings. Core CPI came in at 3.8% YoY vs. 3.7% expected and 0.4% MoM vs. 0.3% expected. Over 60% of the total monthly increase can be attributed to shelter and energy prices. Investors were prepared for worse, as the odds of a June rate cut increased slightly following the data release, helping to spur a...

Bitcoin broke out above $70k during the overnight hours, now floating above $72k, marking another new ATH. This price action was closely mirrored by $ETH's resurgence above $4k, currently trading around $4050. $AVAX is outperforming on the day, following the announcement that South Korean game publisher Nexon Group will transition its popular MMO RPG, MapleStory, onto the Avalanche network as MapleStory Universe. Meanwhile, $NEAR also continues to outperform, likely fueled...

The day commenced with a flurry of activity, beginning with an NFP figure that exceeded expectations, juxtaposed with an unemployment rate that also surpassed forecasts. This combination pushed short rates lower and led the fed funds futures market to anticipate a full rate cut by the June FOMC meeting. The DXY dropped to a low of 102.4 before making a comeback. In crypto, the day started with significant momentum as...

In a volatile day, $BTC (-4.51%) has made a new all-time high, briefly surpassing $69k before retracing to the low $65k range. $ETH (+1.55%) is showing strength, trading around $3.7k as attention may shift towards Ethereum and related names ahead of the Dencun upgrade next week. Layer-2 tokens support that notion, as $OP and $ARB are outperforming today, gaining 13.46% and 4.44%, respectively. Some of the meme-mania has subsided, with...

$BTC has soared to a new all-time high market cap, and is currently hovering just above $67k, with its sights set on $69k. Meanwhile, $ETH is slightly behind, inching up to just under $3600. The market appears to be adopting a barbell strategy, with Bitcoin maintaining its strength, yet beyond meme coins, few assets are significantly outperforming. The sustained rallies in $DOGE, $BONK, $PEPE, and $SHIB unmistakably signals the resurgence...

BY POPULAR DEMAND, WE ARE RE-SENDING THIS BITCOIN PRICE IMPACT OF SPOT ETF REPORT FROM JULY 24, 2023 The Bitcoin spot ETF was finally approved. And we are seeing the surge in price of Bitcoin because of attractive supply and demand dynamics.We received multiple requests to resend this report from July 24, 2023 which looked at supply and demand dynamics if a spot ETF was approved.In short, we believe a...

Bitcoin experienced an uptick in premarket trading, approaching $63k, and is now stabilizing just above $61k. As we will expand on below, yesterday's price action was special in light of the GBTC outflows that were experienced. The $BTC premium on Coinbase has decreased since the market opened, suggesting possible additional redemptions in GBTC today. However, the decrease isn't as pronounced as yesterday. $ETH is currently hovering just below $3400, generally...

FLOWS BEGET MORE FLOWS We have recently discussed the potential return of crypto being correlated with equities due to the new category of market participants entering the fold. However, price action this week suggests that inflows into the BTC ETFs may be throwing water onto that theory. It seems apparent that, at least in the near-term, that the ETF flows narrative is gaining steam, and it is likely that the...

The January PCE report this morning was largely in line with expectations, alleviating fears of a reacceleration of inflation. U.S. equities responded positively to the data, with SPY gaining 0.17% and the QQQ rising 0.42%. Crypto markets are mixed, with $BTC declining 0.78% to $62k and $ETH rising 1.45%. Yesterday marked the largest day of net inflows into Bitcoin ETFs since the launch, totaling $673 million and bringing cumulative AUM...

Bitcoin ($BTC) continues its stellar week, rising 9.02% to surpass the $62k mark and bring it within 11% of its all-time high. $ETH has gained 5.43% today, exceeding $3,400, a level not seen since April 2022. Meme coins are outperforming today, with $PEPE, $DOGE, and $WIF gaining 21.63%, 19.07%, and 23.25%, respectively. The strong moves across various names have squeezed shorts, with over $209 million in short liquidations in the...

Bitcoin surged higher yesterday evening during Asian market hours, climbing from $54.8k to reach $57k. This increase followed a day of impressive inflows into spot $BTC ETFs. $ETH has taken a backseat for the time being, currently trading slightly above $3.2k. $STX is performing well, up over 6%, but other recent market leaders are lagging. It appears that flows have shifted towards more speculative corners of the market, with memecoins...