📈 Market Update🚀
Flows to Bitcoin ETFs have remained massive over the past week, with Bitcoin ETPs globally witnessing a net inflow of 83,500 BTC in the last 30 days. This inflow is equivalent to six months of miner rewards following the upcoming April halving.
CME open interest is nearing an all-time high, reflecting a positive market sentiment as annualized futures premiums hold strong at 15%. ETH maintains a slight discount to BTC.
BTC's reaction to the CPI surprise was notably strong compared to its typical response to macroeconomic data in the second half of 2023. This suggests that macro factors could become relevant price drivers once again, although ETF flows continue to dominate the market.
Despite some red flags such as significant miner outflows to OTCs and indications of high leverage in offshore markets which is a recipe for a typical sell-off, there's no indication of a market "flush" yet. Bitfinex has a significant sell wall around 53-54K, constituting a high timeframe resistance from a monthly level.
The risk-reward ratio for ETH relative to BTC appears favorable due to the upcoming spot ETF in May, which marks the final deadline, along with the Ethereum Dencun upgrade next month. Moreover, Celsius is nearing the unwinding of their ETH position.
**TL;DR:**
- Neutral view with a bias towards long positions.
- Super bullish outlook for ETH.
- Red flag: Strong ask supply from Bitfinex and miner outflows.
Stay tuned for more updates as the market evolves! 📊💡 #MarketUpdate #Bitcoin #Ethereum #CryptoAnalysis #ETFs #BTC #ETH
Flows to Bitcoin ETFs have remained massive over the past week, with Bitcoin ETPs globally witnessing a net inflow of 83,500 BTC in the last 30 days. This inflow is equivalent to six months of miner rewards following the upcoming April halving.
CME open interest is nearing an all-time high, reflecting a positive market sentiment as annualized futures premiums hold strong at 15%. ETH maintains a slight discount to BTC.
BTC's reaction to the CPI surprise was notably strong compared to its typical response to macroeconomic data in the second half of 2023. This suggests that macro factors could become relevant price drivers once again, although ETF flows continue to dominate the market.
Despite some red flags such as significant miner outflows to OTCs and indications of high leverage in offshore markets which is a recipe for a typical sell-off, there's no indication of a market "flush" yet. Bitfinex has a significant sell wall around 53-54K, constituting a high timeframe resistance from a monthly level.
The risk-reward ratio for ETH relative to BTC appears favorable due to the upcoming spot ETF in May, which marks the final deadline, along with the Ethereum Dencun upgrade next month. Moreover, Celsius is nearing the unwinding of their ETH position.
**TL;DR:**
- Neutral view with a bias towards long positions.
- Super bullish outlook for ETH.
- Red flag: Strong ask supply from Bitfinex and miner outflows.
Stay tuned for more updates as the market evolves! 📊💡 #MarketUpdate #Bitcoin #Ethereum #CryptoAnalysis #ETFs #BTC #ETH
