• Bitcoin dropped back down to \$30k this week, and since then it’s stayed within 5% or so of there, bouncing around amidst liquidations both up and down. New stories of U.S. buy-in have slowed a bit, the Grayscale premium has dropped some, and there have been a few minor negative news stories potentially fueling this drop – but it’s also possible that crypto had been over-bought because of liquidations exacerbating the organic buying on the way up, and this is just that effect reverting (since no one actually wanted to buy when those liquidations happened). The Asia selling, U.S. buying narrative has taken a definite hit, though, as there’s no discernible time-of-day effect for BTC at all.

  • ETH briefly got quite close to its all time high in the mid \$1400s (depending on which reference you use, it did hit its all time high). Ever since then, though, ETH (and alts, more generally) crashed somewhat sharply, and have for the past few days mostly been moving with predictable, close-to-1 betas with BTC. There hasn’t been a ton of idiosyncratic behavior from major alts – more minor altcoins and DeFi have been moving with >1 beta, however.