Trakx Weekly Update: January 8

Weekly Update
• Jan 08, 2024
Trakx Weekly Update: January 8

Key Crypto Market Figures

Trakx Weekly Update: January 8

CTIs Weekly Performance

Firstly, we would like to wish all our clients a very happy and prosperous 2024 – a year that holds much promise for crypto. That said, no financial market goes in a straight line (if only it were that easy) and the first week of 2024 saw crypto prices on the back foot. The Trakx Top10 Crypto CTI slipped just under 6% over the past seven days. The best performing CTI was Bitcoin Control 15, which gained 1.4%, closely followed by the Bitcoin Ether, up 0.5%. By contrast, the worst performer was the Diversifier CTI, which slumped 36% on the week.

The most pronounced trend of last week was the strong outperformance of the larger cap cryptocurrencies relative to the altcoin space. Indeed, within the Trakx Top 10 CTI, Bitcoin was the only token to record a positive weekly performance – ETH was second, dipping 3.8% w/w. Most of the coins in the basket witnessed double digit losses, including Solana last years’ crypto darling amid a modest decline in TVL (total value locked) within the Solana ecosystem. As a result, of these prices moves, Bitcoin dominance – its relative market cap weight rose to 54% - its highest level since April 2021.

Helping to keep Bitcoin in positive territory was continued feverish speculation about the SEC green lighting a spot Bitcoin ETF product - a decision that could come as early as this week after three applicants – Fidelity, VanEck and Grayscale, filed 8-A exchange registration forms.

As testament as to how dominant ETF fever has been in driving the price of Bitcoin recently, it suffered a 10% flash crash after MatrixPort published a research note saying they expected the SEC to reject all Bitcoin ETFs this month. Such a sharp market move in response to the report clearly indicates that such an outcome was not priced in, nor does it continue to be priced in given the swift rebound that occurred in Bitcoin’s price. (A bullish Bitcoin assessment from Jim Cramer – a CNBC talking head so notoriously for his ill-timed investment calls he has his own Inverse ETF - certainly did not help things!).

Trakx Weekly Update: January 8

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Bitcoin ETF decision may be ‘imminent’ as VanEck, Grayscale file exchange registration form: Bloomberg Analyst: CryptoSlate.
  • Bitcoin Slumps as $400M Liquidated in Two Hours: CoinDesk.
  • Jim Cramer Capitulates on Bitcoin: 'Technological Marvel … It's Here to Stay': CoinDesk.
  • SEC reissues crypto ‘FOMO’ warning amid hope for spot Bitcoin ETFs: Cointelegraph.
  • Why is Solana (SOL) price down 9% this week?: Cointelegraph.
  • Vitalik Buterin’s Investment Advice Sparks Controversy Among Ethereum Investors: Coin-Turk.

Trakx News

  • Trakx will be attending the Forum du Patrimoine on January 18, 2024, in Paris.

Trakx CTIs Performance

Sources: Coingecko and AlphaVantage

*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

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