LAST WEEK RECAP:
U.S. job number increased 275K in February v.s. 198K estimated. But the unemployment rate rose to 3.9% compared to 3.7% estimated.
European Central Bank holds the interest rate, but lowered its annual inflation forecast and hinted at a cut in June.
Powell said interest rate ‘likely at its peak’.
$BTC reached a new ATH above $69K before volatility came in.
SEC further delayed its decision on BlackRock and Fidelity’s $ETH ETF applications as expected.
Grayscale introduced a crypto staking fund that initially includes APT, TIA, CBETH, ATOM, NEAR, OSMO, DOT, SEI, and SOL
LEGACY MARKETS – DXY
No visible change. #DXY is still within the larger range of 106-100. As mentioned for now it likely keeps building more price structure within the range. The longer it stays within the range, the more risk assets have an upside, especially in tech stocks and crypto.
LEGACY MARKETS – VIX
#VIX is again seeing some strength. Markets are getting a bit unstable with how parabolic a lot of major names are (NVDA, BTC, ETH …). If this gains any more strength, it's relatively likely for the market to slow down quite a bit.
BTC WEEKLY VIEW
$BTC made new ATHs and is pushing over 70k without any sort of euphoria or large media attention. It does seem that the crypto market is at the inflection point where real retail will start showing up.
ETH WEEKLY VIEW
ETH is also rallying. What’s most impressive at this point is that ETH/BTC is clearly holding its relative value against the BTC ETF flows.
ETH/BTC
ETH/BTC has a nice 5-month structure within the multi-year range now. It seems quite likely that it will vacate this smaller range soon. If it breaks upwards, it’ll rally fairly quickly to the .08 mark and hopefully finally break out of the multi-year range.
TOTAL3 USD MARKET STRENGTH
TOTAL3 saw a large breakout, mainly led by memes/AI/L1s. A lot of majors are still flat though so there’s lots of upside on that front.
TOTAL3 BTC MARKET STRENGTH
ALT/BTC is still in the range. But it seems with ETH/BTC starting to hold more and more that this will also rotate upwards within a reasonable timeframe.
SUMMARY
BTC is near all-time highs while meme coins are on a market-wide BTC hits new ATHs. Meanwhile, AI/MEMEs/Gaming are dominating the altmarket. However, in the midcap region still a lot of coins aren’t really moving as mainly large caps and small caps are making the moves.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
