BTC.D broke correlation with BTC twice during the past 24 hours. What does it mean?
BTD.D down, while BTC and AVAX are going up. Stable coins are neutral.
Fiat flows to BTC, but more than that – to alts. People dream about the ultimate ‘bottom’ for a while.
BTC & AVAX trend down, while BTC.D is going up. Stable coins – huge spike.
Since market cap correlate to BTC on this chart (see comment below), it means stable coins flow within the crypto space and not from fiat. Stable coins are defined as alts on BTC.D (huge mistake, they should have different category! Many charts are misleading due to this problem.), therefore it means both BTC & Alts are switched both to fiat and stable coins. And since BTC.D is going up, it means also that more alts are going to BTC or fiat.
From the chart, the news, and my own sentiment – I learn that the fear here arrived in two levels –
- Mild one. People think it’s a local issue and they’re going to buy he dip and hearing Warren Buffett statements… That’s the actually a greed sign.
- While news about Russia invades Ukraine starting to flow – EU stock market crashes and people starting to feel this is not a game they wanna play with. That’s the real fear.
- I didn’t display total market cap in order to simplify the graph, it is correlated with BTC on this scope.
- Other popular stable coins (USDC, UST, DAI) market cap were correlated to USDT.