The new all-time highs in the S&P500 and Nasdaq100 earlier this month have been well documented.
What they don't tell you is that the equally-weighted versions of those market-cap weighted indexes are just now getting back to their late 2021 highs.
They never even broke out. In fact, they're finally just getting back to where they started.
Ethereum seems to be following through on last week's momentum, with the ETHBTC ratio closing up +2.91% on Monday.
The Worldcoin token has seen an impressive, almost tripling as the platform surpassed 1 million daily users on its World App.
Ethereum staking deposits hit $85B, or 25% of the circulating supply.
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By all means, this is a Bitcoin-driven market, both in market returns and the prevailing narrative. Much of this has been centered around the recent Bitcoin spot ETFs, which for the first bring Bitcoin into the realm of traditional finance. But now, there are talks of a similar ETF for the second largest cryptocurrency, Ethereum. Financial services firm Bernstein said Ethereum is "probably the only other digital asset likely to get a spot ETF approval by the SEC", giving an approval a 50% chance by May and a 100% chance by year's end.
Bitcoin's trend is unequivocally higher, with prices lingering around 50,000.
Last week saw the greatest net aggregate flow across all products, averaging just under half a billion dollars worth of inflows each day.
Microstrategy is up $4B on their Bitcoin bet.
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Open interest on Binance, the largest crypto derivatives marketplace, for both Bitcoin and Ethereum hit all time highs denominated in US dollars. As open interest rises, it points to growing attention from market participants in the derivatives market as new positions and contracts are continuously opened. As more positions are being opened, notable rises in open interest tends to proceed elevated volatility.
In recent weeks, we've pointed to the strength in the flows supporting the crypto market. Nothing has changed, and the trend remains unequivocally higher.
