Oct 20, 2021 3 min read

Der Pump des Nibelungen

Cryptic ball: good music, though.

Not much has changed since yesterday. Of course, not! We got the new all-time high that I promised here! We just needed a joke to lighten up the mood of the bears who got liquidated trying to short $65k. Some people even blew up $10 million positions on BitMEX's casino - let's just hope those were just a hedge, right? My feeling that this Uptober's ride wasn't going to hurt alts is also proving correct, with ether above $4k and all Ethereum killers bouncing hard.

What next, then? First, the two Bitcoin ETFs already trading have been an astounding success, proving there's plenty of demand for such an institutional trading asset (these futures-based ETFs are mostly used for arbitrage), which implies there's even more demand for a spot-based Bitcoin ETF to be approved down the road. Secondly, there'll be a third futures-based ETF next week.

Thirdly, even the S&P 500 and other US equities indexes are almost back at all-time highs. Again, this is a slow, sustainable ascent that is benefiting all assets across the board. And bitcoin seems like it's slowing its parabolic advance, at least compared to past breakouts of such a significant ATH. This means alts will likely continue to pump, as BTC benefits from institutional demand and the rest of the market benefits from the greed of shitcoin traders. Enjoy Uptober!

Chart art: good relationship, though.

The blue line charts the break-even inflation rate according to long-term treasury yield expectations, which naturally rise when market participants anticipate inflation. Does this mean BTC is finally considered digital gold? Or is it just a sporadic correlation since September?

Three things: good game, though.

Are NFTs creating a generational divide in gaming platforms?
Is Axie Infinity's digital economy deceptively simple?
Is Total Value Locked a misleading proxy for financial analysis?

Tweet tip: good news, though.

*Remember, this is what I've explained Monday and last week!*

Meme moment: good meme, though.

*This is true in the previous market cycles, but not anymore. At least until Crypto Winter arrives.*

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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 guidance in the report will lead to any particular outcome or result.