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Daily Bitcoin and Crypto Analysis

Daily ‌‌Macro And Crypto Update: Growing Signs Of Institutional And Corporate Interest In BTC

October 22, 2021

Justin d'Anethan

The thing that shocked me throughout yesterday’s session and overnight was the strength of alts.

I honestly didn’t expect it, or at least didn’t expect this soon. Instead of having BTC lead for a few days and then alts catching up, it seems that a flurry of investors were waiting with capital ready, either in BTC profits or just stablecoin, and poured into alts.

For any diversified crypto investor, you’re probably richer today than you were the day before when BTC was reaching new highs.

Amongst top performers, we’ve seen SOL, VET, and privacy coins like ZEC, XMR, and LINK gain while BTC corrected somewhat. Actually, on the session, BTC is down 5%, back at $62,700. 

From a technical analysis perspective, it’s interesting to see prices bounce off the top of a rising channel, suggesting we might see several days or weeks of a slight pullback in the lower 60Ks and upper 50Ks before a continuation up. 

That scenario would be great for alts that would then have an extended catch-up period.

The data I’m looking at right now is the open interest on the CME for BTC and ETH futures contracts, which both reached new all-time highs. The message is evident: The space has become big enough that large institutions are ramping up plays on the asset. It’s worth remembering that futures exposure isn’t necessarily positive or negative for price, depending on the direction and hedging. It might be bearish, bullish, or truly neutral. It’s the engagement that I think we need to highlight.

This is also naturally related to the second ETF, from Valkyrie this time, focused on BTC Futures, which is just another way for a wide range of new investors to get exposure to BTC. The ticker is $BTF.

Apparently, now the CIO of Pimco is saying the firm is putting capital to work in cryptocurrencies, which is massive.

On the less trading side: Walmart has begun to quietly host more and more Bitcoin ATMs at several of its locations. Link that to the report earlier this year of hiring crypto experts, and I think we might be setting ourselves up for some big news in the next six months to a year.

By the way, did you hear about Playboy launching a new NFT project called Rabbitars? To manage expectations, though, those are just digital rabbits wearing different outfits.

 


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