SignalPlus Morning Briefing (19 Dec 2023)
The last (effectively) trading week of the year brings forth US Core PCE, UK PCI, Canada CPI, BoC Minutes, and the BoJ meeting while we bid adieu to a surprising year. Hawkish central banking speak attempted feebly to push back on the current dovish manifestations, with the question is how fast and how much global central bankers will be cutting in early 2024, rather than a question of if.
The SPY ETF saw record inflows last week with the index trading up 2.5% on the week for its 7th straight weekly gain, the strong streak since 2017. While the ‘magnificient 7’ continued their unassailable rally, we are seeing signs that the equity rally is finally starting to broaden in depth, with the equal weight SPX index outperforming its cap-weight brethen by nearly 3% over the past month. The risk rally is still not to be faded… yet.
In Crypto, one of the bigger stories was the revival of Solana, which was partially left for dead with the demise of SBF and FTX’s deep association with the chain. Solana has returned a staggering ~350% return on the year, well outpacing BTC and ETH, and has recently surpassed Ethereum on daily active addresses and NFT sales (albeit both remain in depressed levels).
Will this trend continue next year if crypto continues to gain and DeFi makes a comeback? Has the user community voted with its feet with their L1 blockchain preference? Or will a return of institutional money shift the attention back to ETH as the traditional community tends to prefer a “tried and true” chain? After a long bear market, it’s good to be speculating on ecosystem developments once again as we head into the new year.
A rising tide lifts all boats, and may the positive momentum continue.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum News Today: BlockDAG's $385M Presale Quietly Challenges Top Crypto Giants
- BlockDAG's $385M presale sold 25.5B tokens, attracting 2.5M mobile miners and 19K hardware miners. - Hybrid DAG+PoW architecture with EVM compatibility supports 4.5K developers and 300+ dApps in development. - Strategic sports partnerships (Inter Milan, Seattle teams) boost visibility through fan tokens and stadium integrations. - Analysts project $0.05 listing price with potential to reach $1-$10, challenging Ethereum and Solana's dominance.
Bitcoin News Today: Bitcoin Gets a Wallet Upgrade: USDT Joins BTC Natively via RGB
- Tether plans to deploy USDT on RGB protocol, enabling private Bitcoin-based stablecoin transactions. - Integration allows users to store and transfer USDT alongside BTC in the same wallet, enhancing privacy and usability. - RGB's client-side validation reduces on-chain data, supporting offline transactions and Lightning Network integration. - This move positions Bitcoin as a functional payment network, expanding use cases like cross-border remittances. - Experts suggest it could reduce reliance on altern
Bitcoin News Today: Bitcoin's Bull Trap Unfolds as Momentum Fades and Capital Flees
- Bitcoin's price fell to a seven-week low of $108,700 after peaking at $124,000, with analysts warning of a potential bull trap as RSI divergence signals weakening momentum. - Key support levels at $107,000 and $100,000 (aligned with the 200-day moving average) face retests, while $117,000 resistance remains critical for short-term reversal hopes. - Over $1B in Bitcoin ETF outflows and a $11.4B institutional shift to Ethereum highlight capital reallocation, compounding pressure amid Fed rate uncertainty a
Ethereum's Supply Dynamics and Whale Exposure: A Critical Juncture for ETH Bulls
- Ethereum's post-Merge deflationary model combines 2.95% staking yields with EIP-1559 burns, creating a supply vacuum as 30% of ETH is staked. - Whale concentration (74.97% supply control) and $6B Q3 2025 exchange withdrawals highlight liquidity risks amid macroeconomic volatility. - SEC's 2025 utility token reclassification boosted institutional adoption ($9.4B ETF inflows), but $3.7B queued withdrawals signal market fragility. - Mega whales increased holdings by 9.31% since October 2024, consolidating i
Trending news
MoreCrypto prices
More
