Crypto Still Consolidating 1H-21 Gains During Slower Summer Months But Mining Stocks & On-Chain Data Offer Some Positive Early Signs
In our first crypto weekly of 2H 2021, we dive into the following:
-
- Crypto Had Strong 1H vs. Global Assets Despite Volatility
- Bitcoin Still Consolidating After Sell In May & Go Away Correction
- Bitcoin Trading Volume Down As Market Enters Summer Doldrums
- Ethereum Resuming Outperformance vs. Bitcoin After Recent Pause
- Smaller Cap Crypto Assets Underperforming vs. Bitcoin But Starting To Turn
- Crypto Mining Stocks Peaked vs. Bitcoin During Feb & Bottomed Mid-May
- Investors Selling At A Loss Bodes Well For Tightening Supply Environment
- Flow Momentum Shifting Back From Stablecoin Cash On Sidelines to Crypto
Crypto Had Strong 1H vs. Global Assets Despite Volatility
It’s said that strong markets tend to stay strong. Crypto had a very strong start to the year but had a very rough finish to the first half, yet most of the crypto market still managed to outperform all other global asset classes during 1H-21.
Source: Fundstrat, Bloomberg
Bitcoin Still Consolidating After Sell In May & Go Away Correction
As crypto has entered the portfolios of many institutional investors, we believe broader market trends are playing a bigger role. The old saying of sell in May and go away seems to have played out with Bitcoin and crypto during 2021.
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Technically derived, intermediate-term picks of attractive risk/reward opportunities from the S&P 500.
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