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Today in Markets

Bitcoin Takes All

Anticipation of ETF approval drove action away from Alts and towards BTC
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Jan 8, 2024 • 1 min read

Sacrificing Alts: Crypto’s attention remains squarely affixed to Bitcoin with key ETF approval deadlines looming this week; BTC price held steady throughout the weekend, despite the sell-off in alts, and is up 6.8% to new cycle highs on the day! How is ETF approval anticipation impacting the crypto market?

Alts bleed over the first weekend of 2024. The total crypto market cap excluding BTC (TOTAL2) declined by as much as 7.0% over the weekend but managed to stymie the losses late Sunday night and retrace them with a pump on Monday.

As ETF approval deadlines inch ever closer, market participants are selling alts to hop on what they perceive will be the fastest horse post-decision. If the approval of a spot BTC ETF provides meaningful capital inflows for the industry, expect to see the continuation of Bitcoin dominance.

Defying the broader trend of alt underperformance is Bitcoin L2 Stacks Network (STX), which has climbed 26.2% since Friday thanks to its acceptance as a high-beta BTC play among some crypto investors.

 

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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