LAST WEEK RECAP:
$BTC completed the fourth #bitcoinhalving - the BTC block reward was reduced from 6.25 BTC to 3.125 BTC
Iran played down reported Israeli attack, signalled no retaliation
Runes Protocol launched on Bitcoin, the active minting caused a surge in transaction fees
Worldcoin (WLD) to launch World Chain as L2 on Ethereum
Tether expanded USDT to TON blockchain
LEGACY MARKETS â DXY
DXY is still on top of the range. If the strength keeps persisting - and it would try to vacate the range to the upside - crypto and equities could be pressured more. If it breaks down and falls back in range, it will open the window for the rallies in all sectors to continue.
LEGACY MARKETS â VIX
The elevated VIX levels have opened the door for larger corrections on both equities and crypto. Ideally with the initial shock of Middle East escalation gone, the VIX retraces again and the market shakes off the initial scare.
BTC WEEKLY VIEW
As mentioned last week, we noted the strength BTC had on the altcoin wipeout. And for now, it still seems like BTC is just consolidating on the previous all-time high before continuing the trend.
ETH WEEKLY VIEW
As mentioned last week, the drop was likely a good âbuy the dipâ moment. With markets shaking off the geopolitical scare and if no further escalation happens, weâd expect the trend to pick up again relatively soon.
ETH/BTC
ETH/BTC is nearing its long-term trend. And it's being quite resilient in going lower, with the BTC halving out of the way, the next big narrative in crypto should be the $ETH ETF.
TOTAL3 USD MARKET STRENGTH
TOTAL3 on the wipeout was a great buying opportunity. Lots of altcoins are setting up for trends - this coupled with ALT/BTC ratios finally seeming ready to rotate against BTC should be the start of a market-wide alt season.
TOTAL3 BTC MARKET STRENGTH
ALT/BTC general index seems to be setting up for a strong rotation. With BTC still consolidating on ATHs, it seems only a matter of time for alts to finally start going. Timeline-wise, it seems the market is at a similar point as January 2021.
SUMMARY
Market shakes off the initial geopolitical scare in the Middle East
Next big crypto narrative should be the Ethereum ETF.
ALT/BTC ratios setting up for market-wide âAlt seasonâ
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.