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Daily Bitcoin and Crypto Analysis

[OCT 15] Daily ‌‌Macro And Crypto Update: CME Bitcoin Futures Hit All-Time High As ETF Talks Solidify

October 15, 2021

Justin d'Anethan

Inflation fears are creeping up. After all, inflation data has been above expectations month-on-month for a while now.

Investors looked away yesterday, focusing on earnings data. But with large financial players like Bank of America, Morgan Stanley, and others releasing much better numbers than expected, equities rose. The S&P printed its best day since March 5 of this year, gaining 1.7%.

Basically, the positive signs of great earnings are blowing away any other fundamental concern.

While that was happening, yields and the dollar retraced slightly and gave a chance for gold to rise slightly.

What’s also on the rise is crypto. Well, it’s not news. It’s been the case for most of the week. On the session, BTC rose and is holding steady above $57,000.

What’s interesting is that the BTC dominance retraced. From my perspective, it was expected, but you never know precisely when and by how much it will happen. Right now, the index is just below 45 and could continue further down.

Amongst alts that outperformed, we saw DOT boldly rising and bringing KSM along for the ride. The former rose a good 18% on Wednesday. We also saw great performances from ETH, LINK, VET, and UNI rising and outperforming BTC in the last few sessions.

An interesting development that probably supported crypto markets (besides Elon’s tweet about DOGE) is President Putin saying that he sees the role of cryptocurrency as a mode of payment, hinting at a certain openness to the space as a whole.

In the US, the talks about BTC ETFs are becoming too strong not to have some veracity. Many firms are filing for some BTC-linked product, whether it’s through futures trading, physically-backed products, or cash-settled. People are trying to get this done no matter what, and it looks like the SEC will go along at least for one of those.

In the meantime, unsurprisingly, we can see the CME Bitcoin futures open interest hit an all-time high, so even larger than when BTC was at 65K. That’s just a clear signal that large players are placing bets, getting exposure, or at least enjoying the volatility the digital asset can provide. I hope you are enjoying it too.

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