Crypto Markets Pullback While Fed Holds Rates Despite Improving Inflation Data
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Crypto markets experienced a pullback this week, with Ether correcting ~10% from the local highs that were made after the SEC’s last-minute approval of the Ether ETF applications, while Bitcoin is down about ~6% from its highs. As we discussed in last week's newsletter, the amount of leverage that had chased the strong price action on Ether began to look vulnerable as momentum stalled out. We’ve now seen total open interest on Ether drop by around $2B, along with a cooling off of funding rates and a return of a spot premium.
Crypto Markets Pullback While Fed Holds Rates Despite Improving Inflation Data
Crypto Markets Pullback While Fed Holds Rates…
Crypto Markets Pullback While Fed Holds Rates Despite Improving Inflation Data
Crypto markets experienced a pullback this week, with Ether correcting ~10% from the local highs that were made after the SEC’s last-minute approval of the Ether ETF applications, while Bitcoin is down about ~6% from its highs. As we discussed in last week's newsletter, the amount of leverage that had chased the strong price action on Ether began to look vulnerable as momentum stalled out. We’ve now seen total open interest on Ether drop by around $2B, along with a cooling off of funding rates and a return of a spot premium.