Flows Data Remains Positive, TRX Finding Technical Support
Nov 27, 2023
Market Update Equities, initially in the red, have rallied with the QQQ up by around 20 basis points and the SPX nearing breakeven. The DXY is trending downwards, aiming for its lowest close since August amid another day of lower rates, which is easing the burden on crypto-related equities like COIN, now trading around $120 and nearing another year-to-date high. The recent Binance crackdown also benefits Coinbase, potentially boosting its market share abroad. Meanwhile, $BTC is slightly lower but holding strong support at $37k, as $ETH defends the $2k level. Most altcoins are seeing some profit-taking, with larger caps down by 3-5%. $DYDX is notably lower, likely due to dilution concerns ahead of an upcoming unlock. $TIA is displaying notable strength, up 5% today, continuing to perform robustly just weeks after its launch. Meanwhile, the aggregate stablecoin market cap continues to move higher, up 1.2% over the past week, signaling a resurgence of investor confidence and capital inflow into the crypto ecosystem, a sign of returning market optimism (Source: DefiLlama).In line with the stablecoin data noted above, ETP flow data continues to be encouraging. Last week, digital asset investment products experienced significant inflows of $293 million, driving the total for the past