Market Commentary – September 23rd, 2022

Crypto Market At the time of writing, Bitcoin is trading at $18,900 and Ethereum at $1,288. Crypto markets were under pressure this week after the Federal Reserve raised rates by 75 bps on Wednesday (more details under the Macro section). During the course of the week, there was a net outflow of over $200M worth of Bitcoin from centralized exchanges as its price held around its low set in June 2022. This level may have attracted buyers. Exchange netflows are the net amount of inflows minus outflows of a specific crypto-asset going in/out of centralized exchanges. Crypto going into exchanges

Market Commentary – September 16th, 2022

Crypto Market Bitcoin (BTC) has now been within a persistent market downtrend for ten months since the all-time high in November 2021. This week, Bitcoin spot prices touched the $18,649 level, marking the second lowest low at a 72.5%  drawdown from the cycle top. Compared to prior bear cyclical bottoms, the 2022 contraction has not been as significant on a percent drawdown perspective. The lows in 2015, 2018 and 2020 reached over 77%+ drawdowns from all time highs. With Bitcoin trading 72.5% below the Nov 2021 all time high this week, the market has many similarities to the latest phase

Market Commentary – September 9th, 2022

Crypto Market Following aggressive distribution in the Bitcoin market earlier this week, short-term Bitcoin holders found themselves under pressure as Bitcoin struggled to hold the psychological $20,000 support amidst growing global liquidity issues. Short term investor profitability remains under pressure. However, at time of writing 7:00 am EST Friday September 9th, Bitcoin broke over $20,000 and has set a weekly higher low.  With Ethereum’s Merge event just around the corner, the entire industry is preparing for the network’s most highly-anticipated upgrade.  The Merge is set to happen on  September 14, 2022 at around 2pm EST. The latest upgrade to the

Market Commentary – August 26th, 2022

Crypto Market Last week on August 19, the value of long liquidations was the second highest it has been for the past three months at $538.2 million. This surge of liquidations came after prices of many crypto assets fell last week. BTC fell from $23.2k to $20.8k and ETH fell from $1.85k to $1.6k from the 18th to the 19th, marking the sharpest drops between closing prices of the past month for both assets. Since then BTC has found support at around $21.5k and ETH has now reclaimed $1,700. From an on-chain perspective, the total transferred volume out of Crypto-assets