Takeaways
- Correlations are softening between BTC and U.S. equities
- BTC is up 5% in the past week
- We compare the current drawdown to previous bear market drawdowns
The crypto market saw a recovery last week, but overall the market structure remains closely aligned with what we noted last week. Trading volumes are still trending down, and derivatives traders remain cautiously positioned. BTC saw 5% gains in the last week, and a new trading range seems to be forming between $15,000 and $17,000. ETH saw unique sell-side pressure last week driven by FTX hack-related activity but has recovered from last week's losses.
