Tonight’s market in one sentence: Oil is the main character; BTC just got caught in the crossfire.
The number of oil tankers attacked in the Strait of Hormuz this week hit a new high since the war began, and Iran’s president came right out and threatened “all-out war.” Oil prices jumped in response. EIA crude inventories fell by 3.18 million barrels (analysts had expected an increase—talk about a surprise), and UBS raised its year-end Brent price target to $100. $BTC fell below 84,000 intraday. The logic is simple: oil prices rise → inflation expectations heat up → Treasury yields surge (the 30-year yield is already at its highest level since 2002) → risk assets sell off across the board.
It’s not all bad news in crypto, though. The ZEC ETF backed by the Winklevoss twins has filed with the SEC to list on Nasdaq. Two years ago, privacy coins making it this far would have seemed unthinkable. INJ has also had a busy week: Robinhood listed it, a staked ETF filing was submitted, and on-chain trading volume topped $3 billion.
But here’s one risk to keep an eye on: the 3.75 million HYPE tokens (worth around $330 million) unlocked by the development team have just been redeemed and credited. Based on their past pattern, they’ll probably sell them OTC to institutions. Don’t underestimate a token flow of this size.
My take: Until the macro headwinds ease, don’t rush to catch a falling knife. Whether 84k holds depends on how U.S. stocks perform tonight. Altcoins will only become more polarized, so keep your hands in check.
NFA DYOR
#BTC $ZEC #INJ #HYPE #Cryptocurrency
The number of oil tankers attacked in the Strait of Hormuz this week hit a new high since the war began, and Iran’s president came right out and threatened “all-out war.” Oil prices jumped in response. EIA crude inventories fell by 3.18 million barrels (analysts had expected an increase—talk about a surprise), and UBS raised its year-end Brent price target to $100. $BTC fell below 84,000 intraday. The logic is simple: oil prices rise → inflation expectations heat up → Treasury yields surge (the 30-year yield is already at its highest level since 2002) → risk assets sell off across the board.
It’s not all bad news in crypto, though. The ZEC ETF backed by the Winklevoss twins has filed with the SEC to list on Nasdaq. Two years ago, privacy coins making it this far would have seemed unthinkable. INJ has also had a busy week: Robinhood listed it, a staked ETF filing was submitted, and on-chain trading volume topped $3 billion.
But here’s one risk to keep an eye on: the 3.75 million HYPE tokens (worth around $330 million) unlocked by the development team have just been redeemed and credited. Based on their past pattern, they’ll probably sell them OTC to institutions. Don’t underestimate a token flow of this size.
My take: Until the macro headwinds ease, don’t rush to catch a falling knife. Whether 84k holds depends on how U.S. stocks perform tonight. Altcoins will only become more polarized, so keep your hands in check.
NFA DYOR
#BTC $ZEC #INJ #HYPE #Cryptocurrency