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 new capital inflows remain weak.
Ether (ETH) and Solana (SOL) prices are up over 3% since midnight UTC, with BTC up nearly 2% and XRP lagging 1.5%. The CoinDesk 20 index is up 2% to 1,941 points.
However, the demand side seems weak. The 11 US-listed spot bitcoin exchange-traded funds (ETFs) recorded net outflows of $296.18 million, snapping a four-week streak of inflows, according to data source SoSoValue. Ether ETFs bled over $200 million. These funds are seen as a proxy for institutional appetite for cryptocurrency.
The other avenue through which capital is flowing into the digital asset market is stablecoins, or tokenized versions of fiat currencies such as the dollar, and that is also flashing a red signal.
Growth in the market capitalization of Tether’s USDT, the world’s largest dollar-pegged stablecoin, has stalled at around $184 billion over the past two weeks. The market capitalization of Circle Internet’s ( CRCL ) USDC, the second largest, is down nearly 1.5% to $77.77 billion.
“Last week, Stablecoins saw a drop of $1.1 billion, a negative signal, compared to previous minting, which is in the 2nd percentile. Over the past 30 days, a total of $0.8 billion was minted,” Markus Thielen, founder of 10x Research, said in a note to clients on Monday.
Veteran chart analyst Peter Brandt said bitcoin’s current price action is consistent with classic technical analysis patterns, and prices could fall as low as $49,000. Options are showing a put bias across all timeframes, a sign of persistent downside fear among traders.
Still, a sudden shift in sentiment, perhaps triggered by a potential US-led ceasefire in the Iran conflict, could trigger a rally in bitcoin and other risk assets. However, the BTC price needs to establish a solid foothold above $75,000 to signal a full bullish reversal. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- Earnings (Estimated based on FactSet data)
- March 30: Nano Labs (NA), pre-market
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlocks
- The token is launched
- March 30: BASED token generation events take place.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 1.48% as of 16 ET Sunday at $67,388.07 (24 hours: +1.41%)
- ETH is up 2.78% to $2,051.71 (24h: +2.87%)
- CoinDesk 20 is up 2.05% to 1,940.98 (24 hours: +1.61%)
- Ether CESR Composite Staking Rate is down 6 bps to 2.70%
- BTC funding rate is at 0.0007% (0.7939% annualized) on Binance
- DXY is up 0.23% to 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 up 2.79% at 51,885.85
- The Hang Seng closed up 0.81% 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
- The DJIA closed Friday down 1.73% at 45,166.64
- The S&P 500 closed up 1.67% at 6,368.85
- The Nasdaq Composite closed up 2.15% at 20,948.36
- The S&P/TSX Composite closed up 0.23% at 31,960.70
- The S&P 40 Latin America closed up 0.75% at 3,473.97
- US 10-year Treasuries are up 2 bps at 4.44%
- E-mini S&P 500 futures rose 0.35% to 6,435.00
- E-mini Nasdaq-100 futures rose 0.28% to 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 to 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
- CME Futures open interest: 121,295 BTC
- BTC priced in gold: 14.9 oz.
- BTC vs Gold Market Cap: 4.49%
Technical Analysis
- The chart shows weekly price movements of Nvidia (NVDA) in candlestick format.
- Prices have fallen 7% over the past two weeks, breaking out of a trendline that characterized the bullish trend from the late 2022 lows.
- This breakdown suggests weakening momentum and increases the risk of a deeper correction.
- NVDA is the bellwether for 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% at $164.98 in premarket
- 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% at $15.30
- CleanSpark (CLSK): closed at $8.66 (–6.88%), +3.58% at $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% at $36.20
- Circle Internet Group (CRCL): closed at $93.66 (–4.69%), +2.28% at $95.80
- Bullish (BLSH): closed at $34.43 (–5.52%), +0.78% at $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
Spot BTC ETFs
- Daily net flows: -$225.5 million
- Cumulative net flows: $55.91 billion
- Total BTC holdings ~1.29m
Spot ETH ETFs
- Daily net flows: -$48.5 million
- Cumulative net flows: $11.55 billion
- Total ETH holding ~5.71 million
Source: Farside Investors
