0/ In Today’s Delphi Daily, Bitcoin Rundown: Market Indecision, Legacy Correlations, And a Lightning Boost.
Check out the full #bitcoin analysis 👇
delphidigital.io/reports/bitcoi…
Check out the full #bitcoin analysis 👇
delphidigital.io/reports/bitcoi…
1/ Quick Market Update-
🔹Crypto assets did not take well to yesterday’s inflation data.
🔹After a trip towards the range low, $BTC and $ETH are finally finding a semblance of strength.
🔹Other crypto assets have continued to take a beating into today’s session.
🔹Crypto assets did not take well to yesterday’s inflation data.
🔹After a trip towards the range low, $BTC and $ETH are finally finding a semblance of strength.
🔹Other crypto assets have continued to take a beating into today’s session.
2/ Bitcoin is often touted as an uncorrelated asset relative to conventional asset classes like equities, bonds, etc. Over the long-term, this holds true, but in the short-to-medium term, correlations tend to fluctuate depending on market conditions and general risk appetite. 
3/ Despite its “digital gold” narrative, the correlation between BTC and physical gold also tends to ebb and flow.
Our long-term thesis of broad-based fiat currency debasement will serve as a long-term tailwind for all three but the relative performance of each will differ.
Our long-term thesis of broad-based fiat currency debasement will serve as a long-term tailwind for all three but the relative performance of each will differ.
4/ Interestingly, BTC has traded more in line with the relative performance of small-cap equities than large-cap peers; the chart below shows BTC versus the ratio of the Russell 2000 and the S&P 500.
5/ Exchange volumes saw a monstrous increase during the first half of 2021. But as the market tanked, exchange’s have lost over 50% of their monthly business.
With a large amount of capital sitting on the sidelines, it’s no surprise that exchange volumes have taken a beating.
With a large amount of capital sitting on the sidelines, it’s no surprise that exchange volumes have taken a beating.
6/ It isn’t just the spot market that’s undecided on BTC’s trend, futures and perps are in the same situation.
Open interest has moved pretty closely with the micro trends within BTC’s current range, which tells us that traders don’t have a strong directional bias yet.
Open interest has moved pretty closely with the micro trends within BTC’s current range, which tells us that traders don’t have a strong directional bias yet.
7/ The Lightning Network opened the year around 1,000 BTC of capacity, and has grown to 1,800 BTC in the last 7 months.
@LN_Strike, a private payments service built on the Lightning Network, opened up to country of El Salvador earlier this year.
@LN_Strike, a private payments service built on the Lightning Network, opened up to country of El Salvador earlier this year.
8/ Tweets of the day!
Crypto is fast-paced and multidisciplinary.
Crypto is fast-paced and multidisciplinary.
https://twitter.com/santiagoroel/status/1415254742238965760
9/ @Uniswap v3 launched on @OptimismPBC; open to the public.
https://twitter.com/Uniswap/status/1415032688440926210
10/ @ShapeShift_io open-sources platform, dissolves corporate structure to pursue decentralization.
https://twitter.com/ErikVoorhees/status/1415330669601820677
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