Crypto Tree π°
SEC ASKS EXCHANGES TO UPDATE 19B-4 FILINGS ON AN ACCELERATED BASIS FOR SPOT ETHER ETFS: COINDESK
Its time for eth etf ππ
Coinbase retail volume
The Coinbase earnings call last week also revealed other interesting statistics regarding the volume on the exchange and retail interest, While Coinbase beat its earnings significantly, with a quarter-to-quarter revenue increase of 72%, recent data shows that this surge in revenues is a result of an increase in institutional volume rather than retail volume as Coinbase serves as the custody partner for many BTC ETF providers.
The data shows a that retail volume on Coinbase is still low if we compare it to 2021. In Q1 2024, retail volume on Coinbase was just $56B out of $312B total, or around 18%. This is 58% lower than the volume at the peak of the last bull market. For reference, average retail volume was $133B in 2021. In Q1 2021, during peak alt-season, retail volume was 120B, which contributed to 35% of the total volume on the exchange.
Why is this important to us? For two reasons: First, we want to accumulate alts as long as retail is not interested in crypto. Second, the data gives indications about why ETH/BTC is still trading around bear market lows. Institutional clients on Coinbase mostly trade BTC. We can assume that most retail investors trade alts, but given their low participation in the market, most of the volume is still centred around BTC, which could explain why BTCD is still high and why we haven't really seen a large rotation to alts yet.
For a real alt-season, I think that retail volume needs to increase in the next months. Because of the higher level of development and adoption compared to last cycle, I would expect even higher retail volume than 2021. Is that going to happen? Likely, but not guaranteed. I would expect retail volume to increase once BTC starts trading above its all-time-high, which is why I believe that a potential alt-season will highly depend on the performance of BTC in the next months. Nevertheless, we have to build our spot bags now rather than at peak retail interest.
@cryptotree07
Trump in office crypto will pump hard β elections in the fall will be massive catalyst for crypto. Patience @cryptotree07
Btc etf : potentially first Asian BTC ETF is set to launch as soon as tomorrow...
@cryptotree07
Not saying this happens but based off previous price action when wars happen this is what we have seen across markets.
So relax.. it should get up soon.. and i already hinted .. something was not right. That's why posted 62k ... Though we need to hold it here. Otherwise 50-55k since war is always scary...
@cryptotree07
JUST IN: $130 million liquidated from the crypto market after Iran launched an attack on Israel.
Update: Iran tensions without a doubt causing fear and uncertainty in our markets. Not the one to take this too seriously but it has without a doubt played a role over the past 24 hours.
Expecting this to have huge impact on TRADFI come Monday open.
Unprecedented headlines - staying out for this weekend - can't really do anything during these moments.
@cryptotree07
π’In the past 24 hours , 297,302 traders were liquidated.
π The total liquidations comes in at $925.76 million
π The largest single liquidation order happened on OKX - ETH-USD-SWAP value $7.19M
#tao : 130% up and listed on binance today.
Our buy zone was 315 USD βοΈβοΈβοΈ
@cryptotree07
Binance Will List Bittensor (TAO) with Seed Tag Applied
https://www.binance.com/en/support/announcement/dd856efc9c1a4a209eb48992e190e4d6
Binance listed #tao βοΈβοΈ
πΊπΈ SEC to file lawsuit against Uniswap, issuing a Wells Notice to the company.
@cryptotree07
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CPI print for March - Update
CPI came in at 3.5%, which is above expectations. The market was expecting a higher CPI print that last month, but it even passed the latest expectations. This means that scenario 1 is unfolding with the dollar pumping while BTC is dropping. This is not ideal in the context of possible rate cuts by the FED, as inflation is not slowing down. I will soon share an analysis on what this data means in terms of macroeconomic developments and how that could impact the crypto market on a higher-time-frame. I suggest you remain cautious in trading leverage.
@cryptotree07
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BTC ETF flows
The trend in BTC ETF flows has definitely changed in the past weeks. While February and early March were strong in terms of inflows, late March and early April have been characterised with lower inflows, while outflows remained consistent. That is mostly due to the decreasing interest of BlackRock customers in purchasing BTC, while Grayscale kept selling its BTC assets. The latter also consistently sold BTC in February, but these outflows were outweighed by the large inflows. These inflows are not as present now, which puts more weight into GBTC outflows.
Apart from April 5th and March 27th, inflows from BlackRock were below 200M each day in the past 2 weeks. The average daily inflows for BlackRock are now at around $246M, while the average daily outflows from Grayscale are at around 265M. I think this needs to reverse at some point, possibly once we start trending again in the market., the market will remain choppy and uncertain as long as Grayscale keeps selling BTC at this scale. However, good news is that they will not be able to sell forever. That is why we focus on the HTF PA. You can follow the balance sheet of Grayscale in real time here: https://bitcointreasuries.net/entities/50
@cryptotree07
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CPI for March: Playbook
Apart from heavy GBTC outflows, another key reason why these days might be choppy in terms of price action is the CPI data release scheduled for tomorrow. That is an important macroeconomic event in the context of rising inflation and possible rate cuts later this year.
Cpi is the key matrix used by the FED to educate their decision regarding interest rates. As such, it heavily impacts the dollar and traditional financial markets, including crypto. Expectations for this month are at 3.4%, which is higher than last monthβs print at 3.2%. That means that the market is already anticipating a higher inflation print than last month.
- CPI comes in above 3.4%: Negative, possible bounce by the dollar. LTF sell-off for BTC.
- CPI comes in at 3.4%: Neutral, rather negative for the macro.
- CPI comes in below 3.4%: Positive, possible drop by the dollar. LTF bounce for BTC.
If CPI comes in above expectations, it means that inflation has risen even more than expected by the market. That will be bearish for BTC on LTF, as it will fuel another bounce for the dollar. If CPI comes in below expectations, it means that inflation has grown at a slower pace than expected. That is rather bearish for the dollar, and more ideal for BTC. CPI at exactly 3.4% will not be as relevant for LTF price-action, although on a macro scale it suggests that inflation is far from the 2% target of the FED. We do not know what CPI will be for March, so it is not wise to try and front-run the data release.
If we get the first scenario, we might experience a sell-off in the crypto market. I think that will be a good buying opportunity as it will mostly be an overreaction by the market. However, remember to wait for stocks to open before entering any new leverage trades, as they will always react to the CPI print which is released 1 hour before stocks open. That typically impacts the price action of BTC, As such, I suggest you remain cautious while trading.
@cryptotree07
#hashai : nearly 3.5xx from our buy zone, we don't need daily trades, instead higher percentage plays... Cheers guys .
Our buy zone was .00084 USD and now you can see it.π₯π₯π₯
It was our premium signal. More to come in premium.πΌπΌ
@marcuscubinπ
π₯Big Congratulations Guy'sπ₯
π₯#HASHAIπ₯#HASHAI #HASHAIπ₯
β‘οΈJust in Few hours 350% β‘οΈ
πΌ HASHAI HIT $0.003 πΌ
This Was free AlPHA Call
πNext Alpha call Posting in premium Group Soon
Contact fast for premium enquiry @marcuscubin
#dsync : currently 30% up. π
Contact premium enquiry to @marcuscubin.
Or I might give more alpha soon.
Let me tell you #hashai is not finished yet.
@cryptotree07