Crypto is in another level!
Worst week the industry could have scripted. The bill died on Tuesday. The Fed hiked on Wednesday, first time since 2023...
And we have
$BTC up 6.9% from Wednesday's low and back above $80k!!!
Btw, before you get excited, I checked whether this is "real money" or just leverage. So it's both... Perps are trading 9x spot volume and funding is positive on all 48 liquid pairs, which is quite crowded. However spot volume grew 10.2% while market cap grew 5.1%, stablecoins keep building at $309B, and the liquidation fuel flipped: $78M sitting above price now against $25M below. A week ago that was the other way around!
Extra note on what I actually hold:
$BTC bags that I just sit on, plus
$ETH,
$BNB and
$ASTER. The last two because I spend most of my time looking at BNB Chain these days.
The new one is a small spot position in ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 .
@Uniswap volume is up 11% on the week while every other DEX is down 5%, so it's taking share, not riding a tide! Small size, spot only, and I'm not calling a target, but I'm up nicely.
Remember, a market that eats a failed bill and a rate hike in the same week and comes out 6.9% higher is not trading on news anymore. So we are almost on a bull run I would say! A few months and we are there!