By Omkar Godbole (All times ET unless otherwise noted)
The crypto market started the week on a positive note, but further gains may be limited as signs of further capital inflows remain weak.
Ether (ETH) and solana (SOL) prices are up more than 3% since midnight UTC, with BTC up almost 2% and XRP lagging 1.5%. The CoinDesk 20 index gained 2% to 1,941 points.
However, demand seems weak. The 11 U.S.-listed spot bitcoin exchange-traded funds (ETFs) saw a net outflow of $296.18 million, ending a four-week streak of inflows, according to data source SoSoValue. Ether ETFs lost over $200 million. These funds are seen as an indicator of institutional appetite for cryptocurrencies.
The other route through which capital enters the digital asset market is through stablecoins, or tokenized versions of fiat currencies such as the dollar, and this also sends a red signal.
The market cap growth of Tether’s USDT, the world’s largest dollar-pegged stablecoin, has stalled at around $184 billion over the past two weeks. The market cap of Circle Internet’s (CRCL) USDC, the second largest, declined by almost 1.5% to $77.77 billion.
“Last week, Stablecoins saw a decline of -$1.1 billion, a negative signal, compared to the previous minting, which is in the 2nd percentile. Over the last 30 days, a total of $0.8 billion has been minted,” Markus Thielen, founder of 10x Research, said in a note to clients on Monday.
Peter Brandt, a veteran charting analyst, said that Bitcoin’s current price action aligns with classic technical analysis patterns and that prices could fall as low as $49,000. Options display a bias toward puts across all time frames, a sign of lingering bearish fears among traders.
Still, a sudden change in sentiment, perhaps triggered by a possible U.S.-led ceasefire in the Iran conflict, could trigger a rally in bitcoin and other risk assets. However, BTC price would need to settle firmly above $75,000 to signal a complete bullish reversal. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- Earnings (Estimates based on FactSet data)
- March 30: Nano Labs (NA), pre-market
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Unlocks
- Token Launches
- March 30: BASED token generation event will take place.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 1.48% from 4 p.m. ET Sunday at $67,388.07 (24 hours: +1.41%)
- ETH is up 2.78% at $2,051.71 (24 hours: +2.87%)
- CoinDesk 20 is up 2.05% at 1,940.98 (24h: +1.61%)
- Ether CESR composite staking rate is down 6 basis points to 2.70%
- BTC funding rate is 0.0007% (0.7939% annualized) on Binance
- DXY is up 0.23% at 100.09
- Gold futures are up 1.55% at $4,561.70
- Silver futures are up 2.38% at $71.20
- The Nikkei 225 closed down 2.79% at 51,885.85
- Hang Seng closed 0.81% lower at 24,750.79
- The FTSE 100 is up 0.54% at 10,021.13
- The Euro Stoxx 50 is unchanged at 5,501.70
- DJIA closed Friday down 1.73% at 45,166.64
- The S&P 500 closed down 1.67% at 6,368.85
- The Nasdaq Composite closed down 2.15% at 20,948.36
- The S&P/TSX Composite Index closed up 0.23% at 31,960.70
- The S&P 40 Latin America closed down 0.75% at 3,473.97
- The 10-year US Treasury yield is up 2 basis points to 4.44%
- E-mini S&P 500 futures are up 0.35% at 6,435.00
- E-mini Nasdaq-100 futures are up 0.28% at 23,394.00
- E-mini Dow Jones Industrial Average futures are up 0.31% at 45,566.00
Bitcoin Statistics
- BTC dominance: 58.52% (0.21%)
- Ether-bitcoin ratio: 0.03048 (1.36%)
- Hashrate (seven-day moving average): 1,018 EH/s
- Hash price (spot): $31.84
- Total fees: 1.63 BTC / $108,730
- Open Interest on CME Futures: 121,295 BTC
- BTC valued in gold: 14.9 ounces.
- Market capitalization BTC vs gold: 4.49%
Technical analysis
- The chart shows the weekly price fluctuations of Nvidia (NVDA) in candlestick form.
- Prices have fallen 7% over the past two weeks, breaking out of a trendline that characterized the uptrend since late 2022 lows.
- This break suggests weakening momentum and increases the risk of a deeper correction.
- NVDA is the barometer of all things AI and has had a positive correlation with Bitcoin in the past.
Crypto Stocks
- Coinbase Global (COIN): closed Friday at $161.14 (–7.06%), +2.38% to $164.98 in pre-market
- Galaxy Digital (GLXY): closed at $18.00 (–8.21%), +2.78% to $18.50
- MARA Holdings (MARA): closed at $8.02 (–6.53%), +2.00% to $8.18
- Riot Platforms (RIOT): close at $12.80 (–8.60%), +2.19% to $13.08
- Core Scientific (CORZ): closed at $15.07 (–4.56%), +1.53% to $15.30
- CleanSpark (CLSK): closed at $8.66 (–6.88%), +3.58% to $8.97
- Exodus Movement (EXOD): closed at $6.48 (–5.40%), –3.40% at $6.26
- CoinShares Bitcoin Mining ETF (WGMI): closed at $35.19 (–5.10%), +2.87% to $36.20
- Circle Internet Group (CRCL): close at $93.66 (–4.69%), +2.28% to $95.80
- Bull (BLSH): closed at $34.43 (–5.52%), +0.78% at $34.70
Crypto Cash Companies
- Strategy (MSTR): closed at $126.03 (–5.19%), +1.88% at $128.40
- Strive Asset Management (ASST): closed at $9.85 (–5.33%), –0.25% at $9.83
- Sharplink (SBET): closed at $6.04 (–7.50%), +3.57% to $6.26
- Upexi (UPXI): closed at $1.00 (–6.54%), +2.00% at $1.02
- Lite Strategy (LITS): closed at $1.10 (–5.17%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$225.5 million
- Cumulative net flows: $55.91 billion
- Total BTC holdings ~1.29 million
ETH Spot ETF
- Daily net flows: -$48.5 million
- Cumulative net flows: $11.55 billion
- Total ETH holdings ~5.71 million
Source: Farside Investors
