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On Monday, U.S. stocks faced yet another day of volatility amid growing geopolitical tensions and domestic inflationary pressures. In contrast, the broader crypto market actually saw an uptick with regard to overall price actions.
For one, BTC has already partially recovered from yesterday's downside correction, and is now (as of the time of writing) stabilizing above the $43k level after rallying by a decent 3.9% within the last 24 hours. Further, the largest cryptocurrency by market cap could be poised for greater upside gains once the immediate hurdle near the $43.8k level is successfully cleared.
In a similar vein, ETH has reclaimed the $3,000 psychological level on the back of a 5% surge, whilst most major L1 tokens have also embarked on their recovery rallies. In this, AVAX is leading the way after experiencing a 8% rise from 24 hours ago.
On the on-chain front, several key metrics do also post a bullish near-to-mid term future for the crypto market at large. The BTC Exchange Net Position Change chart, for one, has witnessed consecutive net outflows from exchange reserves to private wallets at a rate of 42.9k BTC per month. Amongst the short-term BTC holders, 7.2% of the coin supply held outside of exchanges has been reaccumulated, suggesting a strong demand for BTC among said short-term holders in the current price range.
Meanwhile, massive deleveraging activities can also be observed in the futures markets. The Bitcoin futures term structure, a sentiment indicator that reflects market expectations with regard to near-term implied volatility, has remained consistently flat throughout the month of March, hinting at the potential exodus of derivative traders amid all the growing macro uncertainties.
On the early hours of Monday (U.S. time), the number of downloads of Crypto apps on the App Store in the U.S. soared substantially after various digital asset advertisements were rolled out on Super Bowl Sunday.
At least 6 crypto companies were able to obtain the coveted slots to run their ads during the game, whilst A-list performers like Snoop Dogg and Eminem, who were featured during the halftime show, also happen to be avid and proud Bored Ape Yacht Club owners.
In fact, crypto exchange Coinbase was even able to drive over 20 million users to its site within a singular minute on the back of their ad. Even though their site did (unfortunately) crash due to the massive increase in traffic, these are exciting times for the crypto space in general, as it seems that more and more people are starting to become aware of the potential that this space holds.