Vibe Check: Momentum Building: CoinDesk Indices’ Todd Groth

Regaining
Momentum.

We’ve
broken
past
the
1,700
level
on
the
CoinDesk
20
Index
as
the
stronger
price
trends
across
smart
contracts
broadened
across
the
market
on
Feb.
7.
This
caused
both
bitcoin

(BTC)
and
ether

(ETH)

Trend
Indicators
–
a
tool
created
by
CoinDesk
subsidiary

CoinDesk
Indices,
to
help
investors
determine
where
the
price
are
going
–
to
register
“Significant
Uptrend”
again
after
a
short
hiatus
in
“Neutral”
and
“Uptrend”
value.

The
market
was
also
supported
by
net
inflows
into
crypto-linked
products
last
week,
with
over
$700
million
flowing
into
the
market,
primarily
focused
on
bitcoin
linked
products.

Its
worth
noting
the
rotation
we’re
seeing
between
the
legacy
Grayscale
product
and
newer
and
cheaper
iShares
and
Fidelity’s
exchange-traded
funds
(ETFs),
which
came
online
weeks
ago.
Ex-GBTC,
new
Bitcoin
ETF
product
holdings
now

surpass
the
MicroStrategy
treasury,
accounting
for
192k
of
bitcoin
(about
1%
of
all
future
supply).

On
the
U.S.
Dollar
front
(DXY),
the
recent
increase
in
U.S.
interest
rates
have
helped
move
USD
higher,
but
the
January
reversal
appears
to
be
stalling
as
the
Fed’s
campaign
of
hawkish
rhetoric
begins
to
subside
and
the
market
moves
out
expected
interest
rate
cuts
to
start
sometime
into
Q2
of
this
year.

Need
more
color
on
what’s
happening
in
the
markets?
Check
out
these
stories: