Digital Assets Weekly: August 25th
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Market Analysis
After breaking above $12,000 resistance, Bitcoin quickly fell below that level and is consolidating in the mid-$11,000 range. Bitcoin ended the week down 4% at $11,771.
CME’s 6-month Bitcoin futures contracts expire at the end of the month, which may lead to greater volatility this upcoming week.
Despite the pullback this week, Bitcoin remains firmly in front of all other major asset classes in terms of YTD performance. This week, the Dollar has rebounded slightly, and equities markets have reached new all-time highs.
Bitcoin’s dip this week set the tone for the rest of the market, leading to slightly stronger dips among the other majors.
FS Crypto FX 250 is the only index that finished the week in positive territory (+1.3%). The crypto majors (FS Crypto FX 10) declined the most of all the FS indices (-4.7%).
Bitcoin’s Mkt Cap/CMR ratio decreased 4.8% week over week from 11.9x to 11.3x.
Bitcoin’s Mkt Cap/RV ratio decreased 4.9% week over week from 2.0x to 1.9x.
Digital Asset Investment Vehicles & Stocks
Noteworthy this week:
Galaxy Digital Holdings Ltd. (TSX: GLXY): Galaxy reported its AUM on Monday which totaled $390.5 milli...Unlock this article by joining our Community!
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