Monthly Crypto Alpha Report – February 2024
Was that only a month?
It feels like a quarter ago when we were still waiting for the Bitcoin spot ETF approval. Time flies when you're having fun...
What a month though. The ETF, Larry Fink shilling the tokenization narrative... airdrop mania... Let's get some perspective.
While strictly speaking we saw BTC's fifth green monthly close in a row, the price basically ended the month where it started (roughly 200 dollars higher).
The January monthly candle for BTC was a nice example of a so-called long-legged Doji candle.
This type of candle has roughly the same opening and closing prices and long upper and lower 'shadows'. It reflects indecision in the markets.
We know of course what caused the wicks: the excitement and speculation surrounding the spot BTC approval. Traders went long with leverage, pumping the price before getting liquidated. It turned out to be a sell-the-news event after all!
But that's ok. After the dust will have settled, the upward price pressure of the ETFs will be noticed.
While we can't celebrate gains on the monthly chart, a few observations are comforting.
First, the Bitcoin ETF launch and its first trading weeks were a huge success. The two biggest BTC ETF's - Blackrock and Fidelity - have already sucked up more than 100,000 BTC.
Second, the Grayscale Bitcoin Trust was also converted to an ETF, which means that, finally,
What’s good!
Hey
Can you share the link to Linea Bank?
How are you providing liquidity on it?
I am unable to find it on twitter or anywhere
I need to update that, but they are now Layer Bank https://layerbank.finance/bank
Ahh okay
That’s what i was wondering
I know layer bank
But anyway
thanks for clarification
Is it too late to stake tia for airdrops?
Probably not, I hope not haha!