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
Tag: commentary
Market Commentary – October 27th, 2022
Crypto Market At the time of writing, Bitcoin is trading at $20,700 USD and Ethereum at $1,575 USD. According to Glassnode, there has been a marked shift in balance change behaviour by most Bitcoin wallet cohorts. All ranges of Bitcoin holders from less than 1 BTC to Whales (up to 10k BTC) have altered their behaviour from one of net balance decline and distribution (selling their Bitcoin), and towards one of net accumulation and balance increase (buying Bitcoin). This suggests that market participants consistently have a tendency towards buying and accumulation at range lows. Glassnode’s data on crypto trading platforms