Chart of the Day
Touch Down. The price of Bitcoin continues to push higher by more than 1% in the second day of gains as the market gradually digests positive comments from industry thought leaders during The B Word conference. News on broader institutional adoption might have also contributed to the modest upside gain. However, market-wide trading volume sank to a week-to-date low, possibly due to retail interests losing steam. This should not have come as a surprise — despite rebounding from a single-digit low, the market sentiment still resides in the “Extreme Fear” region, indicating the persistence of a bearish bias. With BTC futures open interest climbing high against negative funding rates, we are left to wonder about the prospect of another short squeeze as shorts continue to pile on.
Talk of the Town
Banking on Bitcoin. Another point for crypto mass adoption as banking giant JPMorgan opens the door to wealth management clients who are looking to invest in crypto funds, despite its longstanding reservations to endorse crypto investment. Effective from this Monday, clients are able to buy and sell crypto products through JPMorgan advisors, who have access to a number of Grayscale and Osprey products.
In retrospect, it was ___.