Good morning,
Welcome to your daily crypto clarity
WHAT’S HAPPENING
Crypto assets continue their uptrend, lead by Bitcoin which has made a fresh 52-week high. Ethereum has lagged on this most recent rally as Bitcoin heads closer to its former all time highs.
KEY STORIES
New bitcoin spot ETF trading volume sets daily record, besting launch day - The Block
Bitcoin Funding Rates Jump to 100%, Sparking Opportunity for Savvy Traders - CoinDesk
Bitcoin price surge above $56,000 causes spike in short liquidations - The Block
New bitcoin ETFs surpass 300,000 BTC holdings in under two months - The Block
FEATURED CHART
Crypto assets continuing relentlessly charging higher. Yesterday saw the total crypto market-cap once again eclipse $2T, with Bitcoin closing up +5.24%. In early morning hours, Bitcoin has followed through on the momentum, with prices trading well into the 56,000s.
The below chart is of Bitcoin's performance YTD. As seen, the trend is unequivocally higher.
WHAT TO LOOK OUT FOR
With the recent momentum surging back into the market over the last few days, we're clearly monitoring whether bulls can maintain this buying pressure. Further, we're looking at the recent reversal in the ETHBTC ratio follows through to the downside, or whether we see Ethereum find some footing on a relative basis. And lastly, we're paying close attention to open interest and funding rates in the futures market which could point to whether this move has become frothy or not.
You’re all caught up.
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