Hubbis and Independent Reserve bring you this week's Crypto News and Market Trends - Independent Movements and Ethereum's Rising Dominance Amid Global Economic Shifts
In the past month, the cryptocurrency market has detached from broader economic concerns like rising bond yields and geopolitical tensions. Aside from Australia's RBA, major central banks have kept their cash rates steady.
Cryptocurrencies are now trading independently of U.S. tech equities and global risk sentiment, with the market closely watching for the potential approval of a U.S. spot BTC ETF, which could significantly affect prices and sentiment.
The ETH/BTC ratio has recently risen from its April 2021 low, suggesting a shift from Bitcoin's market dominance to a growing interest in Ethereum, especially following the surprising Blackrock ETH ETF filing. This development has been a key driver in Ethereum's recent outperformance and has influenced investment behaviors in Altcoins, as correlations between ETH and mid-cap tokens often initiate Altcoin investments. The focus within the cryptocurrency community is increasingly on Ethereum's rising dominance, signaling a notable change in market trends.
China reported a year-on-year deflation rate of -0.2% for October, indicating a new deflationary trend. Key economic data releases this week include Australia's Q3 wage price index and October employment series, and U.S. October inflation figures.
On the OTC desk, buy flows inquiries now make up about 75% of total wholesale enquiries. There's been a notable interest in layer 1s, DEXs, oracles, and gaming-related tokens. The conversion of USDT to AUD and USD has slowed, with a particular decrease in off-ramping to AUD as the OTC customer base shifts towards net buying.
Read this week's full market update here.