When OpenSEaC?
3 min read

When OpenSEaC?

Cryptic ball: stocks up, crypto sideways.

If I tell you that US equities had a great day, reversing this week's losses, can you guess how did cryptoassets fare? That's right, not so bad but not as well as good old stocks. Alas, even the more risky Nasdaq index did relatively better than BTC!

  • The tech-heavy Nasdaq Composite rose nearly 3% today, while S&P 500, the mother of all indexes, appreciated around 2%. Conversely, bitcoin just gained less than 3% on the day, a pale return compared to the more boring equities!
  • More worryingly, ether and most alts failed to join the bounce as traders slowly lose interest in the space. But that's fine, as the best bottoms are formed in such periods of peace and silence. We just need to ensure peace isn't eternal.
  • This lack of interest in crypto is also illustrated by the likes of Gemini and Coinbase slashing existing jobs or "just" freezing all hires as they try to mitigate the possible risks of another multi-year crypto winter. Yikes, so much fear!
  • Curiously, and as can you see below, miners are also planning ahead. The significant net outflows imply these players have been selling their block rewards or reserves to prepare for the worse. Oh, the 2018 vibes!

Lastly, if you need some solace, at least it's good to see that $30k was defended and continues to be a key level. Let's just hope this is not like the end of 2018, when bitcoin bounced so much of $6k that it eventually crashed down to $3k!

Chart art: miners selling, reserves falling.

Three things: DOJ prosecuting, community roaring.

Tweet tip: TradFi barking, DeFi fighting.


Meme moment: stars shooting, alts dropping.

A watched pot never boils, right?

FV Bank: let's talk a bit.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.