Crypto Market Daily Review

The market is growing. Market cap is $1.19T, Bitcoin is trading at $27.6K.

ANALYSIS: #BTC Price and Fed Balance.

One of the leading American banks – Goldman Sachs – highlighted bitcoin as the best-performing asset since the start of the new year.

Bitcoin's correlation with equities continues to fall

Bitcoin's 30-day rolling correlation with tech equities hovered around 30% last week, retreating slightly from its lowest level since the collapse of FTX reached earlier this month. Over the past year, BTC has been moving in sync with the Nasdaq with an average correlation between the two assets of 60%. However, the trend appears to be shifting with BTC outperforming equities in both absolute and risk-adjusted terms.

In contrast, BTC correlation with safe-have gold has surged to its highest level since January. Gold prices jumped by 7.2% in March as traders scrambled for safe-havens amid global banking turmo

Trade volume hits 4-month high as BTC rally continues

Crypto trade volumes topped their highest level since the FTX collapse amid a broad market rally dominated by bitcoin. Market sentiment has undergone a dramatic reversal over the past week, bolstered by an ongoing banking crisis that has strengthened crypto’s original narrative among investors. On March 14, trade volumes on the 18 most liquid centralized exchanges soared to $51bn, hitting 4-month highs. During the FTX collapse, volumes topped $80bn.

Thinking in terms of market expansion, going to $1m per coin is a massive ask. And when you put that on a chart the move looks steep to say the least.

The following chart shows the monthly evolution of Bitcoin's price (vertical axis, log scale) in orange. The trajectory Bitcoin would have to take for Balaji to win his bet is in black. Corresponding market size levels in red.

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Total NFT wash trading volume on the top 6 marketplaces rose for the fourth consecutive month in February 2023, to reach $0.58 billion. This represented a 126.0% increase from the previous month’s $0.25 billion in NFT wash trading — link

ANALYSIS: Glassnode notes increased "profit-taking" from long-term holders at these levels. Possible pullback in #BTC.

Flows into Bitcoin ETFs have been flat for almost 2 years — link

Bitcoin price nears $30,000 despite banking crisis; First Republic Bank crashes by 47% in a day.
#Bitcoin

When the rise of Bitcoin is completed, we can expect a strong rise in Ethereum

"Ethereum has not risen significantly compared to Bitcoin, and the withdrawal amount has not returned."

Aggregate open interest across futures exchanges has risen, but remains well below levels of other rallies of similar magnitudes. This suggests that this Bitcoin rally is driven by spot accumulation rather than levered speculation via futures — link

BTC - Unrealized Loss Model, Breakout of the Buy Zone

"The possibility of Bitcoin renewing the low has decreased, and if we buy Bitcoin whenever there is a big drop in 2023, you are likely to get good results in 2024 and 2025."

For several months, the number of whales has been declining while addresses <=10 BTC have been stacking more than 30k BTC per month, outpacing Bitcoin’s new issuance — link

Is Bitcoin in a Bull Market? 4 On-Chain Metrics Reveal Recent Activity and Potential Price Correction
Bitcoin seems to be in the midst of a bull market, as evidenced by a number of reliable indicators such as CryptoQuant's On-chain P&L Index, and inter-exchange flows.

💧Top Layer 2 projects by number of transactions.

NFT market volume on Ethereum nearly doubled in February, continuing its uptrend from last month with overall volume of $1.8B — link

The Short-Term Holder cohort have locked in the largest profits ($292M) since the November 2021 ATH, with only 297 trading days recording a greater value — link

ANALYSIS: USDT's dominance is over 60%, causing other stablecoins like USDC, DAI, and BUSD to decline as their fundamentals weaken.

Bitcoin corrects on Fed rate hike, but bulls are prepared for Friday’s $1.2B options expiry.