OSL Daily Update - January 4, 2021
$BTC 24 Hour High $33,630
$BTC 24 Hour Low $32,450
Happy New Year everyone!
We landed in 2021 with a hop and pace that has left the memories of 2020 ATHs in its wake. It’s been a struggle as of late to find new words to describe this recent run - but needless to say there’s plenty of smiles. OSL has been talking up the institutional flow for the past few months, but the trickles have become a steady stream that has not abated with the flip of the calendar. Pundits and skeptics have talked less about “bubbles” in the space and changing their tunes to inquisitive discussions on “how to get some exposure into this (re)validated asset class?” seeing the benefits the asset class offers.
Digital assets market:
- We started 2021with all time highs all around;
- Digital assets saw a significant inflow since Dec 23rd, +11B (+41%) across this period to 885B
- $BTC prices since Dec 23rd skyrocketed from 24,000 levels to 33,500 with traded volumes through the roof. We have seen $BTC momentum taper off as it hit its current resistance level at 34,000.
- Physical $BTC 24h volume at 67B, and aggregated $BTC futures at 75B over the past couple of days, maintaining above 40B daily volumes during this current bull run. $BTC dominance slowly dropped from >70% to ~68%. 2021 YTD up 15%, with its last 30 days performance at +73%.
- $ETH +27% to 990, peaked at 1015 before correcting back down slightly
- $ETHBTC finally peaked, up to 0.03 after sitting below through early November 2020 and during the $BTC run at the end of December.
Alts and DeFi watch:
- This morning we saw the major alts along with other ERC20 tokens and DeFi responding with a bull run of their own
- DeFi TVL reached ATH at 17.38B
- $LTC +16% to 160 levels, up 95% over the past 30 days, and 30% 2021 YTD
- $DOT +14% to 10.31, reached new ATH’s with +98% over the past seven days.
- $AAVE +21% to 102.54, also at its ATH after debuting around 60 when 100 $LEND converted to 1 AAVE a few months back around 0.60 USD per $LEND
- $SNX reached its psychological resistance at 10 levels while also reaching its ATH in the process, well over +90% over the past 30 days with 2021 YTD at +38%
News that caught our eye:
- The Financial Times punctuated the start to 2021 for digital assets with its Jan 4th edition. Not only above-the-fold, but the leading headline to kick-off the first day of traditional market trading was setting the course for an encouraging year ahead for digital assets and should be fueling more FOMO from traditional asset allocators.
OSL Trader View and Weekend Digest are contributed by Stefan Chu and Santiago Nazaretti
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