Crypto is lower today. Summer trade, as the volume is depressed, with activity on Bitfinex, for example, only 30% of the 30-day average.
Bitcoin (BTC) market cap as a percent of the entire crypto sector touched above 70% last week.
Crypto is quiet this morning with most of the Top 10 unchanged to down. Volumes are also unimpressive with activity on Bitfinex, for example, in the range of 80% of the 30-day average.
We believe that cash-settled crypto derivatives are much more important to institutional adoption as they allow a class of investor who is not able to hold physical crypto.
Crypto's outperformance, while requiring more trading days of context, is notable in such an aggressively risk-off session (more on the topic this week).
Crypto traders widely believe that "Litecoin Halving Event" has been a contributor to LTC outperformance.
Crypto generally has an inconsistent short-term relationship with rate moves. Unpopular Easy-Money Central Bank Policy Is One Of The Long-Term Sentimental Drivers Of Support For The Asset Class.
Crypto is generally positive albeit marginally so. Realized volatility and volumes both remain on the decline.
The crypto space is mixed this morning with 7 coins in the Top 10 negative. Volumes are again light with activity on most major venues below 30-day averages.
TRON, amid a slew of rumors this week, has slid from 10th to 12th largest crypto by market cap.