Crypto markets continue stair stepping higher, as Bitcoin decisively moves into the 50,000s.
Stocks see selling pressure return, with the Russell 2000 Small-Cap index $IWM recording its worst single day performance since the bear market low in June 2022.
Bitcoin shows a surprising amount of relative strength as risk markets weakened in the backdrop of strong spot ETF flows.
FEATURED CHART
In the lead-up to the Bitcoin spot ETF, traditional finance managers were expressing their confidence in the futures market to take advantage of the Bitcoin repricing rally. But as attention turns to a Ethereum spot ETF, it appears that investors aren't showing much conviction in Ethereum, with CME open interest declining YTD.
We could either be early in the process of investors repricing Ethereum to the possibility of a Ethereum spot ETF, or investors may simply have their crypto desires satiated with Bitcoin.
WHAT TO LOOK OUT FOR
We're paying close attention to see whether bears can follow through on yesterday's weakness. One day doesn't make a trend, but moves like these are how more significant corrections begin.
If equity markets see further weakness, we want to pay close attention to see if Bitcoin can continue showing relative strength.
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