Weekly Crypto Bullet Points You Need to Know
- Bitcoin price is 28,135 above the 50d MA 24,896 -> this is bullish, price WoW increased by 3.5%; Ethereum price is 1,865 above the 50d MA 1,679 -> this is bullish, price WoW increased by 8.5%; overall the trend is up -> bullish;
- Ethereum outperforms Bitcoin currently as the trend (20d) MA shows ETH / BTC ratio is going up, crypto is driven by alpha factors, this is positive, find idiosyncratic trades;
- The Global Crypto market cap increased by +0.6% WoW to $1.23trn, above the 50d MA ($1.14trn), which is bullish, Bitcoin dominance at 44.5% for the week (above the 50d MA 42% -> as alt coins underperforming), this is neutral;
- Global Crypto trading volume decreased by -42% WoW to $50.8bn, below the 50d MA ($87.7bn), which is neutral, weekly Bitcoin volume was -47% lower than avg. while Ethereum volume was -4% lower than average;
- Top 3 stablecoin mkt cap ($120.5bn) is in the 2%ile range, volume ($31.7bn) is in the 9%ile range (last 3m), Mkt cap WoW -0.1% or $-0.1bn, is a very bullish sign for 'risk-on' liquidity (as USDC mkt cap down while USDT mkt cap up);
- TVL is above the 2m MA, which is positive, TVL (Total Value Locked) increased by +2.5% (or by $+1.4bn) WoW, & now stands at $69.7bn, notably Compound TVL increased by +10.2% to $1.4bn, TVL inflows driven by Staking sector with $0.44bn inflows to $11.06bn, Lido dominance 95.3%;
- The # of active Bitcoin addresses has increased by 13.2% over the last 1 week, to 890k, which is bullish, # and of active Ethereum addresses has increased by 1.1% over the last 1 week, to 710k, which is bullish, Ethereum weekly transaction fees are 25.6% higher than avg., this is bullish;
- The futures funding rate trades positive for Bitcoin (2.7%), this is bullish and the funding rate is positive for Ethereum (5.7%);
- Bitcoin futures saw avg. daily liquidations of $26m, historically, liquidations print $55m, this is seen as neutral, Ethereum saw avg. daily liquidations of $15m, historically, liquidations print $49m, this is seen as neutral;
- Our Greed & Fear Index prints 86%, while the Ethereum Greed & Fear Index prints 83%. The RSI for Bitcoin is 63% while the Ethereum RSI is at 63%.
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