The big story this week has been the Ethereum ETF.
From the early data I'm seeing, it doesn't look to be as spectacular of a launch compared to the Bitcoin ETFs. But this is understandable and was expected.
Here's this week's crypto roundup. It's an opportunity for us to take a step back, set aside the distractions, and delve into the key charts shaping the crypto complex.
Investors are preparing themselves for the launch of a second wave of crypto ETFs. With Ethereum up over 25% in recent weeks, it's clear the market has positive expectations for these new products.
Here's this week's crypto roundup. It's an opportunity for us to take a step back, set aside the distractions, and delve into the key charts shaping the crypto complex.
I believe there to be a rather spectacular opportunity lining up in crypto markets. We've seen a decent portion of tokens give up their entire bull market gains and are now back to where they started.
If you're making the bet, as I am, that crypto and web 3.0 aren't going away anytime soon, I think this recent calamity in the price action of these tokens present a rather favorable opportunity.
I outline my thinking as well as twenty trade ideas I like to take advantage of this.
Last week I maintained my bullish directional biases even in the face of another down leg in crypto markets. Today, we're monitoring an increasing number of failed breakdowns, meaning that bulls are once again asserting control of the tape.
The lackluster action in crypto markets has continued. This is even in the face of yesterday's action that saw the US dollar continue it sell off as small-caps and market breadth saw its most productive day the entire year.
A few weeks ago, stories of Mt Gox were once again reappearing as the cold wallet associated with the defunct exchange had began its process of distributing the coins out to customers.
Just like the SEC when it comes to approving ETFs, Mt Gox has repeatedly pushed the deadline ahead numerous times. In fact, the entire Mt Gox saga has become a classic piece of FUD throughout Bitcoin's history that has created a lot of fear among traders and investors.
The simple idea is that there is over $9B worth of Bitcoin that are being distributed to Bitcoin holders for the first time in a decade. Considering the massive profits they're sitting on, many people have pondered whether there will be a mass exodus of investors taking profits and hitting sell.
While this would no doubt be a headwind, I want to take a step back and put this all into context. It's important that as this story develops over the coming months we let data inform our decisions, not emotions.
Crypto markets have continued their sell-off into last week, with Bitcoin losing the critical 60,000 support level and the total crypto market-cap briefly dipping below $2T for the first time since February.
