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Cumberland Afternoon Color
Happy Friday and Happy $60k from Cumberland APAC! Depending on what happens for the rest of the day, this week could end as BTC’s best ever, in dollar terms; it looks like it will be the first time that BTC has ever gained in a week. There will continue to be a lot of discussion on this, so at the end of the week we wanted to do a quick look at how the rest of the crypto space is performing, relative to BTC. The fact that the market rally has been triggered specifically by large inflows into the ETF products implies that this is a BTC-led rally, and that’s for the most part true. Over the past seven days, BTC is up about 20%; most coins are underperforming. ETH is fairly representative of the market, up 14%; the L1 sector is averaging...