Daily Bitcoin and Crypto Analysis

Daily Macro And Crypto Markets: Accelerating Exchange Outflows, Mastercard Announcement, New Records All-Around

November 9, 2021

Justin d'Anethan

It’s another day and another flurry of all-time highs.

With the infrastructure bill that passed in the US, most equity indexes rose globally, and just at the close in the US, you could see the Dow, the S&P, and the Nasdaq reaching new records. No surprises here. The big guys are pumping more cash into the system.

That’s also good for crypto, obviously. When people turn risk-on, they go for various assets and are attracted to the hot one of the moment.

Right now, at this moment, BTC is breaching new highs, topping the previous $67,000 and now making way to 68K. This is important. We’re essentially in price discovery mode in a capitalizing asset while cash is sloshing around. We can push much higher. 

As always, I’m talking about the medium term, and there’s plenty of games being played and plenty of leverage for quick pull-backs or even deeper corrections to occur. 

In the alts realm, we’re underperforming slightly in BTC terms but definitely in the green on a USD basis. You know I like VET, and it’s a pleasure to see it gain 11% on the session. There’s also MKR and WOO that rose around 10%. LUNA and LINK are next in line with a 6-7% performance. 

Naturally, we can’t talk about alts without mentioning ETH, which has been breaking new records throughout yesterday and even now, with an all-time high above $4,800… 5K beckons!

There are two charts I’m looking at this morning. The first one is the exchange’s inflows and outflows, which show us whether people are putting bitcoins on exchange (to sell) or if they’re taking them off (to hold). Right now, you can see outflows accelerating, suggesting that even at higher prices, people don’t want to part with their valuable bitcoins. Thanks Glassnode.

From the same data provider, we can also see the BTC ThermoCap, which is a fancy word for the amount of money and computational power dedicated to mining and thus securing the network. Right now, we’re hitting all-time highs, and of course, that should solidify investors’ faith in their bitcoin.

Lastly, as a quick information nugget, the best news that came through yesterday was Mastercard planning to launch crypto-linked payment cards in Asia Pacific. This is big and is just another notch towards full crypto adoption.

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