Ceasefire

ByteFolio Issue 204;

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This issue covers Ethereum (ETH) and Aave (AAVE).

Bitcoin’s ByteTrend Score rises to a 3 following the ceasefire in Iran. The price just made a 20-day high and rose above its 30-day moving average. The 200-day moving average is still falling, but it is converging with the price.

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Bitcoin

Source: Bloomberg

A post-February new high above $75k would boost confidence. Yet a resilience performance in March, in the face of a broad market selloff, has been well received. Moreover, Bitcoin held in ETFs has remained stable and is now rising again.

Bitcoin Held by ETFs

Source: BOLDETF.com

Morgan Stanley’s ETF (MSBT) starts trading today with a fee of 0.14%. It should get a good reception on Wall Street as it is offered to their 16,000 financial advisors overseeing $6.2 trillion of assets. Morgan Stanley’s clients held $700 million in the iShares IBIT product, and they hope to see those assets switch across. They are also developing custody and trading capabilities and are preparing for the tokenisation of real-world assets. MSBT is a positive development for the crypto ecosystem.

It is notable that crypto breadth has improved too. There has been a retreat in the downtrends (red) with a ByteTrend Score of 0. We are yet to see a boost in strong bullish trends (blue) with a ByteTrend score of 5, but the worst is behind us.

ByteTrend: Crypto Breadth in USD

Source: ByteTrend.io

The next alt-season comes a step closer. We are also seeing Ethereum (ETH) gain ground. The fundamentals regarding blockchain activity are strong, and following a sluggish period since 2021, ETH is gaining ground.

Bitcoin vs Ethereum

Source: Bloomberg

For institutional investors, ETH is a highly credible trade. It hosts the fast-growing market in stablecoins and is the enabler of tokenisation, something Morgan Stanley is very interested in.

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