September 1 Daily Crypto Update: The beginning phase of a massive bull run?

The last time was in October 2020. With September often being a tricky month for risk assets, many people feel both happy about the steady rise up and fearful about the possibility of a pullback. With delta variants coming up, a Fed speech coming up, and end-of-year expectations, it will be interesting to watch.

In the meantime, crypto traded mixed yesterday. BTC is sitting still on the session, but alts definitely gained some ground.

While BTC hovers above $47,000, some alts are on an incessant ramp up. DOT, in particular, gained 10%, along with the parachain KSM, up 20%. AAVE gained 12%. We also saw a strong performance from ETH, up 6% and passing the recent local top, along with COMP and LINK, gaining 4-5%. 

On the other hand, a few coins underperformed. I’m thinking of XTZ, down 3.5%, and LUNA, somehow down almost 10% on the session.

Broadly speaking, when looking at market data, the dynamics remain the same and stay (for now) supportive. Miners aren’t selling, alleviating market pressure and allowing buyers to pile in and push things up. 

Exchange’s netflow remains negative, highlighting that investors are currently holding instead of selling further. That’s across BTC and alts, except ADA, which saw some inflows after the explosive ramp up. 

An indicator that we discussed before is the Puell multiple, which looks at miner’s issuance and revenue. On a longer-term basis, it seems to be a good view of the different phases. Right now, thanks to a CryptoQuant analysis, we see that we might very well be in just the beginning phase of a massive bull run, in which the pullback from 60K to 30K was just the first correction.

Away from market data and onto the news, things are relatively quiet. But it’s interesting to hear more rumors of Jack Dorsey potentially launching his decentralized exchange for BTC. 

While decentralized finance grows, it’s interesting to see regulators move forward to regulate even further.

Oh, and, last information nugget. Did you see that NFT searches on Google Trends just hit a new all-time high? It looks like the interest is just not stopping these days. I can’t wait to hear about more fortunes made (or lost) over some of the art going around.