RECAP: MOST HATED RALLY

ON CHAIN TA

Today’s Take

• Crypto has outperformed equities at last this week

• Per Bloomberg, Bitcoin is in its longest span of gains since November 2013

• 25% of Americans with income >$100k owned Bitcoin as of Oct 2022

• BTC’s RSI is bouncing off the lows, verifying positive sentiment is building

• GBTC discount has moved from approximately 50% NAV to 36.28%

• Computing power to mine Bitcoin climbs by 10% as miners rebound

• BTC difficulty regression model estimates the cost of production is US$18,795

• Bitcoin perpetual funding rates are above neutral - first time since Dec 4, ‘21

• BTC and NASDAQ are becoming less correlated over the last month

• ETH is experiencing a -0.04% supply growth over the last 30-day period

• U.S. consumer sentiment has returned to April 2022 peak levels

• 63% of S&P500 stocks are now above their 200-day moving average

• 40% of the Russell 2000 is unprofitable, per Bloomberg

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Bitcoin flirts with the longest winning streak in nearly a decade. Since the last week was bonkers, I thought we would stretch our analysis out to a month for this week’s OCTA to gain more perspective.

ETH has beaten BTC over the last month on the way up.

SOL, AVAX, NEAR, and FIL all outperformed ETH.

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Over the last seven days, BTC has outperformed ETH. There is lots of dark green on the chart, which means everything is up!

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Crypto has outperformed equities at last. Drugs are down as there is a lot of hesitancy in big pharma. Huge moves occurred in AMZN 14%, TSLA 8.3%, GOOGL 5.5%, NVDA 14%, MSFT 6.3, and APPL 3.96%.

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According to data compiled by Bloomberg, Bitcoin is approaching its longest span of gains since November 2013. The largest digital asset was little changed on Tuesday after rising for 13 straight days — during which it added more than 25% to trade above US$21,000.

This has also been called “the most hated rally” because everyone expects a US$12,000 BTC price. Leaving many in the market upset and “salty.”