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Cumberland Morning Color

Good Morning and Happy Monday from Cumberland APAC! Crypto has rallied for the past three weeks, with the overall market cap increasing from $1.03T on October 23 to $1.38T as of right now. For the most part, this move came in two parts; the week of October 23rd, and the week of November 6th.  From a distance, this looks like a single movement, but the two weeks were actually quite distinct.

The week of 10/23 was a BTC move. This was the week where the market became convinced that a BTC spot ETF was not just likely, it was fairly imminent. BTC rallied 14.6%, the second-largest move in a year. The rest of the market followed BTC, but sluggishly. ETH only rallied around 8%, and ETHBTC slipped to two-year lows. BTC dominance increased from...