Bitcoin Dominance Approaches 64% Amid Global Economic Uncertainty
Bitcoin Overview
- Bitcoin (BTC) approaches $86,000, just 3% from its "Liberation Day" high.
- Bitcoin dominance nears 64%, the highest since January 2021.
- In contrast, the Nasdaq 100 is still 5% away from its recent high.
Market Signals
- The S&P 500 has formed a "death cross," indicating potential bearish trends.
- Investors are buying NVDA puts, anticipating lower prices in equities.
- Treasury Secretary Scott Bessent reassures confidence in U.S. Treasuries and the dollar's status as a reserve currency.
Upcoming Events in Crypto
- April 15: SmarDEX (SDEX) halving reduces distribution by 50% for one year.
- April 16: HashKey Chain (HSK) mainnet upgrade improves network stability.
- April 17: EigenLayer (EIGEN) activates slashing on Ethereum mainnet.
- April 18: Pepecoin (PEP) undergoes second halving, reducing block rewards.
- April 21: Coinbase to list XRP futures, pending CFTC approval.
Macro Economic Data
- April 15: Canada releases March consumer price inflation data.
- April 16: U.S. Census Bureau releases March retail sales data.
- April 16: Bank of Canada announces interest rate decision.
- April 17: U.S. Census Bureau reports March new residential construction data.
- April 17: U.S. Department of Labor releases unemployment insurance data.
Market Performance
- BTC up 1.19% at $85,877.18.
- ETH up 0.59% at $1,645.30.
- DXY unchanged at 99.70.
- Gold up 1.26% at $3,245.30/oz; Silver up 0.81% at $32.35/oz.
Token Events
- Venus DAO discusses liquidation of debt from BNB bridge exploiter account.
- Aave DAO considers deprecating Synthetix's sUSD on Aave V3 Optimism.
- GMX DAO proposes establishing a reserve on Solana with $500,000 in GMX.
- Treasure DAO plans to wind down Treasure Chain infrastructure.
Noteworthy Token Movements
- Story Protocol's IP tokens dropped 20%, then recovered.
- MANTRA’s OM token fell over 90%, wiping out $5 billion in market cap.
Derivatives Insights
- BTC shorts liquidated on most exchanges; ETH showed opposite behavior.
- XRP perpetual futures open interest decreased from 544.7 million to 480 million XRP.
- Positive buying pressure observed in XMR futures.
Technical Analysis
- BCH/BTC ratio failed to break trendline established during bear market.
- Potential breakout could attract traders, pushing BCH higher.
Crypto Equities Performance
- MSTR closed at $311.45 (+3.82%); COIN at $176.58 (+0.62%).
- GLXY closed at C$15.81 (+3.47%); MARA at $12.95 (+3.52%).
ETF Flows
- Spot BTC ETFs saw daily net flow of $1.5 million; cumulative net flows at $35.46 billion.
- Spot ETH ETFs experienced daily net outflow of $6 million; cumulative net flows at $2.28 billion.