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Daily Bitcoin and Crypto Analysis

September 28 Daily Crypto Update: Investors are turning conservative and cycling back to BTC

September 28, 2021

Justin d'Anethan

When one looks at markets right now, whether crypto or traditional, one can see resilience.

Equities are in the green, with gold forming a bottom and wanting to rise. On the other hand, yields are also rising. In and of itself, it is not a bad sign at all, but it does weigh on tech stocks. If the trend continues, we might see the Nasdaq pull-back and the 'real economy’ benefit.

It is interesting to see how investors' perceptions can change quickly. The Evergrande crisis, which isn't resolved yet, seems to be forgotten already. It might result in a worse than expected correction and an opportunity for any contrarian investor and long-term holder.

In the crypto space, there’s resilience as well. The China ban, which is stronger and more widespread than the many announcements we’ve heard before, hasn’t affected markets much. BTC’s attempt to regain $45,000 was rejected yesterday, and it is now back at $42,200. One can expect some range-bound action as people aren’t betting on a breakout, up or down.

The BTC dominance is edging higher, as people turn slightly conservative and cycle from alts to BTC. We’re still seeing some outperformance, though, from coins like LUNA, SOL, or AVAX that are in the green, while the rest of the space is red. 

Interesting also to see XMR (Monero, the privacy coin) gain. Are Chinese people using untraceable or ‘harder to trace’ coins to transition some of their holdings or continue to transfer capital out?

Looking at interesting data, a great chart from CoinShares shows inflows into crypto-linked investment products continue to grow. It is so positive to see week-on-week, regardless of price action, and suggests professional investors are accumulating.


We also heard of plans from Coinbase to allow retail users to direct some of their paychecks directly to their Coinbase to be in crypto. The concept is interesting and could lead to a myriad of investors dollar-cost averaging monthly in the space.

Less positively, though, Binance is restricting some of its features for Singaporean residents. So, we can see a shakeup from a regulatory/compliance perspective: firms are moving, stopping operations in some places, adapting their offering in others. It will be interesting to monitor and see how this all evolves in the coming year.

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