BTC Breaking Out of Range, Coinbase Premium Suggests a Strong Bid from ETFs to Start the Week

Feb 26, 2024
Market Update Leading cryptoassets are experiencing a significant breakout this morning, with $BTC finally surpassing the $53k mark after roughly two weeks of consolidation between $50k and $52.5k. Despite a pullback in ETHBTC this morning, $ETH has continued its upward trajectory, reaching new YTD highs above $3.1k. $STX is also witnessing a notable rise, climbing nearly 10% today, aligning with its pattern of performing as high beta relative to BTC. Among other standout performers today are $NEAR, which has climbed back above $4, possibly buoyed by the market's enthusiasm for data availability solutions, and $MATIC, which has risen above $1. This movement in MATIC is particularly interesting given its previous underperformance compared to other Ethereum-adjacent assets during this bull market, raising questions about a potential shift in trend. This bullish momentum in crypto is unfolding despite an uptick in rates, alongside declines in gold and the SPX for the day. However, it's important to note the continued strength in technology stocks, evidenced by the QQQ's increase of approximately 30 bps today. The week ahead will feature more significant macro data than last week, including inflation numbers from Japan, U.S. durable goods orders, a Q4 GDP estimate for the U.S., Core

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