By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market started the week on a positive note, but further gains may be limited as signs of new capital inflows remain weak.
Ether (ETH) and solana (SOL) prices have risen more than 3% since midnight UTC, with BTC up nearly 2% and XRP lagging by 1.5%. The CoinDesk 20 index has gained 2% to 1,941 points.
However, the demand side appears weak. The 11 US-listed spot bitcoin exchange-traded funds (ETFs) recorded a net outflow of $296.18 million, breaking a four-week streak of inflows, according to data source SoSoValue. Ether ETFs lost more than $200 million. These funds are considered an indicator of institutional appetite for cryptocurrencies.
The other route through which capital flows into the digital asset market is stablecoins, or tokenized versions of fiat currencies like the dollar, and that is also sending up a red signal.
The market capitalization growth of Tether’s USDT, the world’s largest dollar-pegged stablecoin, has stalled at around $184 billion over the past two weeks. The USDC market capitalization of Circle Internet (CRCL), the second largest, has decreased almost 1.5% to $77.77 billion.
“Last week, Stablecoins saw a decline of -$1.1 billion, a negative sign, compared to the previous mintage, which is in the 2nd percentile. Over the last 30 days, a total of $800 million were minted,” Markus Thielen, founder of 10x Research, said in a note to clients on Monday.
Veteran chart analyst Peter Brandt said that bitcoin’s current price action aligns with classic technical analysis patterns, and prices could fall as low as $49,000. Options show a bias towards puts on all time frames, a sign of persistent bearish fears among traders.
Still, a sudden change in sentiment, perhaps sparked by a possible US-led ceasefire in the Iran conflict, could spark a rally in bitcoin and other risk assets. However, BTC price would need to establish a firm foothold above $75,000 to signal a full bullish reversal. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- Earnings (Estimates based on FactSet data)
- March 30: Nano Labs (NA), pre-market
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlock
- Token releases
- March 30: BASED token generation event will occur.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 1.48% as of 4 pm ET Sunday to $67,388.07 (24 hours: +1.41%)
- ETH is up 2.78% to $2,051.71 (24 hours: +2.87%)
- CoinDesk 20 rose 2.05% to 1,940.98 (24 hours: +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 rises 0.23% to 100.09
- Gold futures rise 1.55% to $4,561.70
- Silver futures rise 2.38% to $71.20
- The Nikkei 225 closed down 2.79% at 51,885.85
- Hang Seng closed down 0.81% at 24,750.79
- The FTSE 100 rises 0.54% to 10,021.13
- Euro Stoxx 50 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
- Nasdaq Composite closed down 2.15% at 20,948.36
- S&P/TSX Composite closed up 0.23% at 31,960.70
- The S&P 40 Latin America closed with a fall of 0.75% to 3,473.97
- The 10-year US Treasury rate rises 2 basis points to 4.44%
- E-mini S&P 500 futures up 0.35% to 6,435.00
- E-mini Nasdaq-100 futures rise 0.28% to 23,394.00
- E-mini Dow Jones Industrial Average futures rise 0.31% to 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
- Hashprice (spot): $31.84
- Total fees: 1.63 BTC / $108,730
- CME Futures Open Interest: 121,295 BTC
- BTC priced in gold: 14.9 oz.
- BTC market capitalization against gold: 4.49%
Technical analysis
- The chart shows the weekly price changes in Nvidia (NVDA) in candlestick format.
- Prices have fallen 7% over the past two weeks, breaking a trend line that characterized the uptrend from late 2022 lows.
- This breakdown suggests weakening momentum and increases the risk of a deeper correction.
- NVDA is the gold standard for all things AI and has had a positive correlation with bitcoin in the past.
Crypto Stocks
- Coinbase Global (COIN): closed on Friday at $161.14 (–7.06%), +2.38% to $164.98 in the previous market
- Galaxy Digital (GLXY): closed at $18.00 (–8.21%), +2.78% at $18.50
- MARA Holdings (MARA): closed at $8.02 (–6.53%), +2.00% at $8.18
- Riot Platforms (RIOT): closed at $12.80 (–8.60%), +2.19% at $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): closed at $93.66 (–4.69%), +2.28% to $95.80
- Bullish (BLSH): closed at $34.43 (–5.52%), +0.78% to $34.70
Crypto treasury 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% at $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 Flows
BTC Spot ETF
- Daily net flows: -$225.5 million
- Accumulated net flows: $55.91 billion
- Total BTC holdings ~1.29 million
ETH Spot ETF
- Daily net flows: -$48.5 million
- Accumulated net flows: $11.55 billion
- Total ETH holdings ~5.71 million
Source: Farside Investors
