Good morning, Welcome to your daily crypto clarity
WHAT YOU NEED TO KNOW
Bitcoin continues to trade in a tight range, advancing the messy price action over the last few months.
February is a seasonally strong month for crypto, with Bitcoin closing higher 80% over the last decade.
Spot Bitcoin ETFs have added over 150,000 BTC under their AUM despite outflows from Grayscale’s GBTC.
$900M tokens are to be unlocked in February across major crypto projects.
FEATURED CHART
We’re always on the scout for leadership, irrespective of the market environment. With most crypto assets selling off following the ETF approvals, there have been a small number of outliers. Chainlink $LINK is one that comes to mind after continuing to work higher, while the price action in the majors has been rather lackluster.
WHAT TO LOOK OUT FOR
As we continue to say, we’re monitoring this trading range in Bitcoin. If prices remain stuck between 40,000 and 45,000, we’re anticipating more messy price action in the short-term.
We’re monitoring whether a handful of breakouts in leading cryptocurrencies will remain successful, or whether they will catch down to Bitcoin and fail.
We’re monitoring whether several risk-on indicators in traditional markets, like emerging market currencies (which can be gauged through the ETF $CEW) continue to deteriorate or recover.
You’re all caught up.
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