The Weekend Crypto Crash

That range

Bitcoin is having the worst week since the FTX collapse...and we are once again trading below the 60k/70k range. It tends to over/undershoot, so let's see if this time is different....Note that the crypto is breaking below the 200 day moving average, as well as the fact we are getting closer to a death cross (50/200 day).

Source: Refinitiv

Bitcoin volatility

On Friday we pointed out that bitcoin was the "alternative hedge". We wrote: "If "everything goes", bitcoin volatility looks relatively cheap". Fast forward to today and it seems that the crypto space is "going" as well. Chart shows BTC vol index.

Source: vELODATA

Not a fear hedge

Bitcoin is a lot of things, but it is not a fear hedge. Chart shows VIX vs BTC.

Source: Refinitiv

Blame the JPY

If JPY is the epicenter of the global panic across assets or not we leave to you to decide, but last time the JPY traded here, BTC was trading at 48k.

Source: Refinitiv

Is BTC tech?

BTC and SOX have some stuff in common...

Source: Refinitiv

Gone

The big trend line in ETH is now definitely gone. We have not seen the crypto trade this much below the 200 day moving average since "forever". Note the 50 day close to crossing the 200 day.

Source: Refinitiv

ETH volatility exploding higher

Huge moves higher in ETH volatility.

Source: Velodata