Crypto is down this morning with most of the Top 10 down at least -2.5%. Bitcoin (BTC) is holding below USD 8,000 but remains above lows seen in the last 2 weeks.

Crypto markets are showing signs of life with BTC touching above USD 8,700 in the last 24-hours. Volumes have also risen, with activity now in the range of 1.3x an albeit depressed 30-day average.

We are seeing higher prices today in the crypto market. BTC trading in some of the tightest ranges we've seen in 2019. Volumes are breaking below the lowest levels seen in the second half of 2019.

Crypto markets are not moving with BTC trading in less than a $200 band over the last 24-hours. Needless to say, volumes and volatility continue to decline.

Crypto is higher this morning, however, trading patterns remain unchanged as BTC consolidates around USD 8,000. Volatility and volumes remain on the decline.

Now Two Weeks After The Bakkt Physical Futures Launch, We Provide A Recap - We Continue To Feel The Product Is Limited In Its Potential To Attract New Institutional Investors To Space - Furthermore, We Believe Any New Crypto Product Marketed Towards Institutions Will Require A Sales Effort Focused On Alpha Opportun

Crypto is trending lower this morning. Volumes are a dismal ~50% of an already depressed 30-day average.

Altcoins are staging a minor recovery this morning, outperforming bitcoin which continues to hold USD 8,000 after last week's sell-off. Volumes remain above levels from earlier last week at ~1.5x the 30-day average.

A major crypto liquidation has taken place over the last 18-hours with some Top 10 altcoins declining over 30% at times. Volumes have jumped with 24-hour activity nearly 7x the 30-day average.

While an approved bitcoin ETF would be a positive headline for sentiment, we do not think it is necessary for bitcoin and crypto to see broad-based investment adoption.