Bitcoin has hit our primary long-term target of the former all time highs near the upper 60,000s. So what now? Does the entire asset class cool-off? Or does money rotate from the extended names down into the assets only beginning to participate?

Bulls remain in full control of the crypto tape, with Bitcoin retesting all-time highs. But as journalists talk of all-time highs, we're remaining mindful that this is a logical place for Bitcoin to consolidate its gains. The question that remains is how Bitcoin resolves from this significant level of supply, and looking further, how rotation impacts the speculative end.

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Welcome to your daily crypto clarity

WHAT’S HAPPENING

Crypto assets continue their relentless bid, with Bitcoin just a stone's throw away from all-time highs. Ethereum is gone up in a straight line, and is trading right beneath a long-term zone of supply near 3,500.

KEY STORIES

Fidelity Canada Recommend 1-3% of Crypto Allocation in Portfolios - The Defiant

Eyeing Coinbase's bitcoin custody dominance, Kraken launches institutional service -...

Crypto markets continue to rally higher, lead by Bitcoin and Ethereum. Bitcoin finds itself a mere stone's throw away from its all-time highs, while Ethereum trades beneath a key level of resistance. With the risk vs reward tilting out of favor from the two largest crypto assets, it begs the question where well-defined opportunities lie in the crypto complex.

Good morning,

Welcome to your daily crypto clarity

WHAT’S HAPPENING

Crypto assets continue their uptrend, lead by Bitcoin which has made a fresh 52-week high. Ethereum has lagged on this most recent rally as Bitcoin heads closer to its former all time highs.

KEY STORIES

New bitcoin spot ETF trading volume sets daily record, besting launch day - The Block

Bitcoin Funding Rates Jump to 100%, Sparking Opportunity for Savvy Traders -...

Good morning,

Welcome to your daily crypto clarity

WHAT’S HAPPENING

Bulls are in control of the tape, both in legacy markets and in crypto. It seems the market has brushed off a number of potentially bearish data points in the context of a seasonally weak period, and have continued to stair step higher.

KEY STORIES

Mantle token hits all-time high amid increased interest in Layer 2s - The Block

MicroStrategy’s X Account Hacked, Leads to $440K Crypto Being Stolen - ...

Crypto markets continue to work their way higher, with Ethereum closing last week up +8% following a notable rally in weekend hours. The trend for crypto assets remains unequivocally higher, as we’ve alluded to in the past. As Nvidia beat earnings estimates, the equity market indexes have continued to rally higher, ignoring a number of bearish data points in the context of a seasonally weak period. It appears as if the bulls have full control of this tape.

Good morning,

Welcome to your daily crypto clarity

WHAT’S HAPPENING

it was a quiet day yesterday, with Bitcoin and Ethereum were flat today, while many smaller altcoins posted losses. This came after the ETFs saw their first set of outflows in a few weeks. Meanwhile, technology stocks marched higher off the back of Nvidia's positive earnings. 

KEY STORIES

Crypto Exchange Kraken Files to Dismiss SEC Lawsuit Against It - CoinDesk

Worldcoin, Nvidia Hit Record Highs as AI Hype Fuels Crypto and Stock Market Rally - ...

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Welcome to your daily crypto clarity

WHAT’S HAPPENING

The market closely monitored Nvidia's earnings as a crucial barometer for the growth factor that has propelled equity markets higher in recent months. While many mega-cap technology stocks, which Bitcoin is highly correlated with, have declined in recent weeks, Nvidia surged to new all-time highs in post-market trading.

KEY STORIES

NVIDIA Earnings Blow Past Estimates, Mark ‘Tipping Point’ for AI - Decrypt

Coinbase urges SEC to approve listing of Grayscale's proposed spot ether ETF...

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Welcome to your daily crypto clarity

WHAT YOU NEED TO KNOW

Ethereum eclipses 3,000 for the first time since April 2022.

Bitcoin order books are the most liquid since October, according to data from Kaiko.

Altcoin momentum is still not in frothy condition, with a mere 20% of our cryptocurrency universe registering overbought conditions.

FEATURED CHART

The dollar is still a significant theme to monitor in this tape; the correlations that exist between crypto markets and equities are still present. Risk markets have largely ignored this recent strength out of the greenback, but should the dollar continue creeping higher, it would place additional pressures on Bitcoin and crypto assets.

WHAT TO LOOK OUT FOR

We’re monitoring whether this recent momentum in ETHBTC can continue, which would be a sign that the Bitcoin leadership is coming to an end,

Equity markets...

Both Bitcoin and Ethereum have surpassed psychological levels of $50,000 and $3,000, respectively, following impressive rallies. Now, the risk versus reward scenario tilts towards the speculative end, as indicated by our breadth metrics, which highlight increasing activity within the altcoin space. Simultaneously, equity markets confront a challenging seasonal period amidst a backdrop of a strong dollar.

Good morning,

Welcome to your daily crypto clarity

WHAT YOU NEED TO KNOW

Ethereum seems to be following through on last week's momentum, with the ETHBTC ratio closing up +2.91% on Monday.

The Worldcoin token has seen an impressive, almost tripling as the platform surpassed 1 million daily users on its World App.

Ethereum staking deposits hit $85B, or 25% of the circulating supply.

FEATURED CHART

By all means, this is a Bitcoin-driven market, both in market returns and the prevailing narrative. Much of this has been centered around the recent Bitcoin spot ETFs, which for the first bring Bitcoin into the realm of traditional finance. But now, there are talks of a similar ETF for the second largest cryptocurrency, Ethereum. Financial services firm Bernstein said Ethereum is "probably the only other digital asset likely to get a spot ETF approval by the SEC", giving an approval a 50% chance by May and a 100% chance by year's end.

Given the market is a forward-looking...