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Daily Bitcoin and Crypto Analysis

Daily Macro And Crypto Markets: Institutions Load Up On BTC and ETH, But The FOMO Hasn’t Started Yet

November 3, 2021

Justin d'Anethan

It’s beautiful to see so much strength in the markets right now.

Sure, I’m thinking of traditional markets where the Dow, S&P, Nasdaq, even Russell 2000 are reaching new records. This earnings season has been grandiose, and people are buyers. 

On the other hand, we’re waiting for the Fed to comment on their tapering program and any plans to raise rates in the future. That might end up being a bit of a cold shower, although I never expect the Fed to take the harder approach anyway.

If you’re a diversified holder in crypto, holy moly, you are richer today than you were yesterday. While BTC is currently up over 3% on the session, a tad under 63K, we can see the BTC Dominance index go further down, as alts outperform.

Amongst the coins you want to be holding: ETH broke new highs with a massive 6% green candle (by the way, the new all-time high is $4,600). There’s also DOT hitting new highs and is now decidedly above $50— topping $53 intraday. We also saw SOL and AVAX gain about 3-5% on the day.

To look at some colorful charts, which I know you guys like. The one I picked up on is from CryptoQuant and shows the rising Coinbase Premium on BTC and ETH markets. The slightly higher price on that platform versus exchanges hints at institutions loading up.

It’s also interesting to look at Glassnode showing the funding rate on BTC perps. You can see that while we’re at similar levels to March and April (when we first got to 60K), the leverage and bullishness are actually tamer. From my perspective, that’s a great thing. It means that we didn’t need that much craziness or FOMO-ing to get to where we are now. It feels a bit more poised. And maybe craziness will ensue later on and push us much higher.


Yet another bullish signal that most BTC investors will be looking at is the mining difficulty adjustment which has increased for the 8th time now and suggests more computational power and, therefore, more security. 

By the way, last information nugget: More banks are jumping on the bandwagon. Yesterday, CBA became the 1st Australian bank to offer crypto services. It’s starting.

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