Market Commentary – May 4th, 2023

Crypto At the time of writing, Bitcoin is trading at $28,900 USD and Ethereum at $1,885 USD. Crypto prices started the week on a strong uptrend after yet another US commercial bank – the First Republic Bank –  was rumored to be facing an existential crisis. This pushed the price of BTC back to $30,000 again before a sudden and quick selloff. This time around, however, there was at least a notable reason for the selloff. A whale movement tracker notified several of its hedge fund subscribers that the wallets of the US Government which held around 205,514 BTC and

Market Commentary – March 27th, 2023

At the time of writing, Bitcoin is trading at $26,900 USD and Ethereum at $1,711 USD. The crypto market was range bound last week with the price of BTC not able to touch the $30,000 barrier. BTC tried twice to breach $29,000, only to be met by huge selling pressure which took its price back lower to around $27,000. Throughout the week, BTC danced between $27,000 and $28,800 a number of times without much conviction. With BTC locked in a directionless consolidation, altcoins too suffered the same fate as prices merely drifted up and down without a clear direction over the course of the week.

Market Commentary – March 9th, 2023

At the time of writing, Bitcoin is trading at $21,710 USD and Ethereum at $1,538 USD. According to Glassdone, Bitcoin prices have been rejected from a series of psychological on-chain levels, related both to investors from the 2021-22 cycle and also for the whale cohort of investors. Profit-taking and capital flows have started to take place, although they remain low by historical standards.

Market Commentary – February 16th, 2023

At the time of writing, Bitcoin is trading at $24,560 USD and Ethereum at $1,686 USD. The digital asset market experienced its first significant pullback since the rally throughout January, retracing from a weekly high of $23.3k to a low of $21.5k up until yesterday, Wednesday Feb 15th. According to Glassnode, the pullback from the local high signalled a point of high unrealized profit for new buyers. As markets started this new week with renewed risk on sentiment, Bitcoin was able to reclaim $24,000 USD and make new 2023 highs.

Market Commentary – February 2nd, 2023

Crypto At the time of writing, Bitcoin is trading at $23,800 USD and Ethereum at $1,676 USD. Cryptocurrencies were having a relatively quiet week up until the Federal Reserve meeting yesterday. The price of BTC was having a bit of trouble at around the $24,000 level after finding sellers twice there. However, the price is also not falling and is merely consolidating just under the $24,000 level after the Fed raised rates by only 25bps (more on that in the Macro section). ETH also had a relatively quiet week coiling between a 3% range but was able to break out

Market Commentary – January 11th, 2023

Crypto Market At the time of writing, Bitcoin is trading at $17,500 USD and Ethereum at $1,341 USD. Crypto markets are infamous for their volatility, however in spite of this, the holiday break was exceptionally quiet. Realized volatility over December for BTC declined to multi-year lows of 24.6%, of which there are very few instances with similar levels. However, all prior examples preceded much higher volatility environments on the road ahead, with most trading higher, and just one (Nov 2018) trading dramatically lower. On-chain activity for Ethereum and Bitcoin remain low. Bitcoin inflow volumes to exchanges are currently between $350M

Market Commentary – December 13th, 2022

Crypto Market At the time of writing, Bitcoin is trading at $17,715 USD and Ethereum at $1,310 USD. According to blockchain analytics firm Kaiko, historically, the BTC-USD versus BTC-USDT trading volume could be considered an indicator of institutional inflows into crypto, as institutional investors would typically buy BTC using fiat directly instead of using an onramp like the USDT.  The dominance of USDT based BTC trades have risen to 84%, implying that USD trades only made up 16% of trading volume, a level seen just before the COVID selloff and way before the start of the 2021 bull market. While