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Morning‌‌ ‌‌Update—March 1st—Macro and Crypto Markets

On Friday, at the close of the session, markets were in a pitiful state. Equities dropped, bonds were sold further, gold continued its descent to $1,730. This morning in Asia, Australian yields seem to be retracing (meaning bonds are being bought) and suggesting at least a temporary change of tune for this session.

 

Naturally, over the weekend, a $1.9 trillion pandemic relief package was passed by the US House of Representative.

 

Crypto markets are open 24/7, though, and we’ve felt the bearishness throughout Saturday and Sunday. BTC dropped as far as $43,050 on Sunday and is now closing the session at $45,500.

 

While we might see some further downside, for any alarmist out there, I would remind you that just 20 days ago, we had never even touched up on BTC at 45K.

 

Alts held up relatively well. When it’s not a sharp drop, some more poised decision-making seemed to take place and we saw some coins outperform their leader. ETH for one, while more volatile, is decidedly above the $1,400 support. LINK, DOT, ADA and XMR stayed mostly in the green.

 

More broadly, interesting data came over the weekend.

 

Glassnode published this analysis on institutional versus more retail exchange sign-ups, showing that while the first wave of this bull-run was very much institutional, the more recent moves were retail led.

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Still from Glassnode, the Spent Output Profit Ratio tracker shows that we’ve dipped into negative territory for the first time since September. While that indicates lower prices and some pain, it’s actually a positive sign, as profit taking might abate and people are more likely to hold on to their coins, creating the right set-up for another leg up.

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Lastly, while monthly volumes across crypto exchanges hit record levels ($1 trillion for the first time ever, in February), the Bitcoin ETF, listed in Canada is reaching significant levels with close to 10,000 BTC in reserve.

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