POKKET: Today’s Market Commentary (January 5)
Bitcoin had a healthy correction which started in Asian hours and carried through overnight, -6% and trading $30850. ETH is doing well, +2.3%, +9% vs. BTC, and now trading $1000. Movers are LRC +24%, MATIC +16%, AAVE +15%, SNX NMR +13%, RSR -10%.
BTC perpetual futures funding rates were at extremes and needed correcting, along with heavy rotation into ETH for alt season and DeFi pump. DeFi TVL hit a new ATH, now $17.5B. As a result, ETH gas fees have jumped 400% since New Years.
Skybridge Capital, run by Scaramucci, has said its exposure to Bitcoin has reached $310M. Bitwise, a provider of crypto index funds, has said their AUM has increased 5x to $500M in the past 3mths.
Traditional markets start the year weaker, SPX -1.4%, FAANGs -1.6%. DXY still below 90 as USDJPY is stuck at 103. Gold jumps to $1950, +2.7%.
Check out today’s interest rates at POKKET.