Nonco Market Color 4/17

Price action
$BTC forming a double bottom at 60k as we speak, a break of which most likely would take a bit more, usually market doesn’t just give way as fast. $ETH on the other hand hasn’t gotten near the most recent low yet, but looking likely as time goes by. $SOL just completely ignored its high floor from a few weeks ago around 170 and made its way down towards the 120s, pulling the rug for memecoin season.

ETF flow
*Top Bitcoin ETFs by volume today: $IBIT, $GBTC, $FBTC. 806m, 337m, and 228m respectively.
*$BTC ETFs suffered third straight day of outflows
*Grayscales GTBC reaches its own halving, down 50% in $BTC holdings since spot ETFs launch

News
*Germany’s major federal bank embraces crypto for institutional players
*Grayscales $GTBC reaches its own halving, down 50% in $BTC holdings since spot ETFs launch
*TD Bank runs ad explaining $BTC halving and promotes ETFs
*Since April the S&P 500 has dropped nearly 4% this month as investor hopes that the Federal Reserve will cut rates continue to fade.
*Markets are now expecting two interest rate cuts this year, per Bloomberg data, down from a peak of seven cuts seen in January.