• Following its most recent stint about \$40k, BTC has finally seen some more sustained-seeming outflows, getting as low as a bit above \$30k before rebounding back to \\$35k or so where it’s been bounding around. There hasn’t been a ton of important macro news which fueled any of this – likely it’s a response to the market deciding that the recent huge rally was driven both by U.S. inflows and liquidations which happened as a result, and selling off some because the liquidation-fueled elements of the rally aren’t reflective of organic buying at those levels. Price action for the near future should still be pretty reflective of these effects – whether there’s more unimpacted institution-driven buying, or whether the market decides the impact has been too high already.

• Many altcoins have over-performed this week – mostly centering on the major altcoins which have some established U.S. support (ETH, LTC, other major ones), as well as a lot of random shitcoin projects. This has lent credence to the idea that “alt season” might have shown up, following a long period when BTC was drastically over-performing the rest of the market, with almost all altcoins over-performing since BTC has stagnated. Notable exceptions still include coins like XRP which have notable issues in the U.S., suggesting even alt season might be a reflection of institutional trading interest.

• DeFi tokens and exchange tokens (HT, FTT, etc.) have also done quite well, perhaps reflective of the idea that, even if some of the inflows are not going to be sustained (a big if!), the increased volume might at least be partially here to stay, which benefits all of the platforms where the biggest volumes are taking place (or, in the case of some DeFi platforms, will in the future).