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Bitcoin slipped back to around $81,000 this week after failing to hold its eight-month high near $87,000. Brent crude rose above $101, Fed Governor Waller warned that more rate hikes may be needed, and almost $700 million in long positions were liquidated. Most large tokens fell 6% to 12%. Under the surface, though, the market is not as weak as the headlines suggest.
Our breadth indicators are still close to their highest levels since late 2024, correlation to Bitcoin remains low, and trading volumes are rising. The tokens that held up best all have one thing in common as we explain below. In this report, we go through the main tokens with their trend signals and the news (catalysts) driving each one.
We also provide the latest performance of our ‘discretionary’ altcoin model portfolio in the report.
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