Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—January ‌‌5th

January 5, 2021
With rising concerns over the new coronavirus strain and the feeling that vaccines might not arrive soon enough, investors are behaving risk-off. Both the S&P and the Nasdaq were down almost 2%, and treasuries were bought. The dollar, which continues to fall, bounced quickly. Gold rose higher still, now at $1,945.

Prior to these moves, the crypto space fell sharply as well. BTC fell 14% (to the lower 28K’s), only to bounce back up instantly, closing just 4.4% down and above 30K, at $31,650. 

Naturally, a healthy dose of liquidations took place: For example, $190,000,000 (in long positions) worth of Bitcoin were liquidated on Binance within 10 minutes. 

Naturally, alts suffered in response, but it is worth noting that performance prior to the dip was great (in many cases, outperforming BTC), and recouped nicely after the dip. It seems that investors are looking at other projects to either allocate more funds or rotate some of their BTC gains while maintaining crypto exposure. 

To illustrate the shift, ETH crossed $1,000 for the first time since 2018 and traded a record $100 billion across exchanges. The OI for ETH crossed $2.5 billion across exchanges, also for the first time.

Stepping away from market data and toward more fundamental news, institutional money inflow continues to grow. 

Three Arrows (admittedly a large crypto player to begin with) reported an estimated $1.2 billion position in Grayscale GBTC. Bitwise, a Grayscale competitor, rose for the first time to $500 million in AUM. We also saw Scaramucci’s group launch a crypto fund with $310 million in AUM—just to begin with.

Written by: Justin d'Anethan, Sales Manager

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