One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX.
On October 15, we warned that Bitcoin was entering a bearish trend. Prices held up at first as money rotated out of altcoins into Bitcoin, but with Ethereum already on a bearish signal since October 8, it was only a matter of time before Bitcoin lost support. Since then, we have preferred being short Ethereum, with a long Bitcoin position as a hedge. As breadth in our altcoin season index deteriorated sharply, downside momentum kept building.
Today’s report sets out our current thinking, along with our usual one- to two-line updates on more than 30 coins and what is driving them.