Unchained How Crypto Markets Are Reacting Post-Selloff, With Election/Fed Uncertainty Ahead - Ep. 685
Aug 9, 2024
In this insightful discussion, Jason Pagoulatos, Head of Markets at Delphi Digital, dives into the complexities of the current crypto landscape. He highlights the recent selloff triggered by macroeconomic factors and Jump Trading's role in Ethereum's struggles. Jason predicts how slowing outflows from Grayscale’s ETHE could influence Ethereum's future. He also tackles the impact of Bitcoin ETFs and why investment advisors are likely to keep promoting Bitcoin to clients despite current uncertainties in the market.
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Episode notes
Crypto Sell-off Rebound
- Crypto rebounded faster because the sell-off wasn’t crypto-specific, unlike past events like FTX.
- External factors like the Japanese Yen carry trade unwind influenced the drop, not internal issues.
Jump Trading's ETH Sell-off
- Jump Trading's large ETH sales likely caused Ethereum's underperformance during the sell-off.
- Their decision to sell might be related to rumors of their potential crypto market exit.
Bitcoin vs. Ethereum Narrative
- Bitcoin's simpler narrative, focusing on monetary debasement and digital gold, attracts broader investment.
- Ethereum's complex ecosystem and multiple investment options confuse less crypto-savvy investors.