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Daily Bitcoin and Crypto Analysis

Daily Macro and Crypto Markets: Dot Blasts Through All-Time Highs as Crypto Activity Picks up All Around

November 2, 2021

Justin d'Anethan

As always, it’s important to look at markets from a macro perspective. Right now, traditional markets are still enjoying a risk-on tilt, with equity indexes hitting new records on positive earnings.

It’s worth remembering that it will be a pretty dynamic week of trading, though, with a Fed meeting, jobs data on Friday, and some more earnings along the way.

In the crypto space, while I can’t say we’re hitting new records, there is strength. 

BTC closed the session down just half a percent, at around $61,000. The BTC dominance continues to fall, currently at 43.70. That means alts are rallying or at least outperforming.

DOT is on fire. It just blew up over 17% on the session alone, breaking its previous all-time high, previous record close, etc. I did tell you there was strength. There’s more. Coins like DYDX, STX, and LINK are also rising, with gains between 5% and 15%.

I do want to say something, though. I don’t think we’re in a fight between alts and BTC. Meaning, we’re not in a zero-sum game with capital cycling from one or the other. There’s plenty of fresh capital flowing in and plenty more activity to come all around. 

For me, the current stagnation (can we call it that) of BTC is just the consolidation at those elevated levels.

A beautiful graph from CryptoQuant shows the unspent transaction output breaking a five-month range, which supports further price appreciation. The data seems to be corroborated by another chart, from Glassnode this time, looking at the ‘relative value transferred’ (so transactions relative to the underlying asset’s price). It seems to indicate the number of transactions compared to the current level hint at bullishness.

Maybe an even more telling chart comes from Jarvis Labs, showing the purchases made by BTC ETPs and close-ended funds. Over the past month, they’ve bought more than even the miners were distributing. I’ll let you figure out what happens when people buy more than is supplied.

As if this wasn’t enough, we picked up on Valkyrie following up on an application for a physical exposure ETF (which naturally is much more accretive to the space and BTC prices, as opposed to futures trading). The deadline was pushed back by the SEC to Jan 2022, though.

Ok, the last graph of the day before I leave you. We’re not the only one picking up on the interest. Traditional banks themselves keep on adding jobs. Right now, more than 1,000 crypto-related positions since 2018.

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