It might be because we’ve just passed 100 million coronavirus cases globally, or maybe because of the hurdles the current US administration is facing in regards to a stimulus plan, but markets felt slightly bearish across the board.
Equities in Asia, Europe, and America edged lower. Treasuries inched down. The dollar retraced previous gains. Gold dropped a few basis points.
Crypto markets performed relatively better, but really are only stagnating. BTC is closing the session up just 1%. LINK, DOT, ADA, LTC, XTZ, BCH, and DASH are all essentially closing flat. The one performer is just ETH, up a solid 4%.
With the ETH CME futures contract coming and ETH 2.0, it seems investors are willing to take a shot on the second largest market cap coin — with still some way to go, if it is to catch up to BTC recent performance.
Looking at BTC, though, we see strong — but also conflicting — fundamentals playing out.
As mentioned yesterday, the stablecoin supply on exchanges is hitting all-time highs, suggesting that plenty of investors, large and small, are looking to add or enter new positions.
A Glassnode graph also shows that a substantial 12.6% of the BTC supply was moved at prices above 30K, meaning that investors are injecting capital at those levels and confident in further price appreciation.
While that’s happening, the miner’s position index is at record levels, meaning that they are moving coins and taking profit ever since we reached the 40K levels.
It remains to be seen whether miners’ supply will be absorbed by investors buying power.
By the way, as a last information nugget, did you hear Jihan Wu, Bitmain’s chairman, is officially stepping down?