Mar 2, 2021 12:17 GMTCrypto News
Bitcoin’s selected on-chain metrics reveal that HODLing is the new strategy for investors.
The aSOPR has hit levels of 0.98, showing that fewer old and profitable coins have been spent.
BTC macro perspective remains strong, especially with Goldman Sachs restarting the trading desk.
Bitcoin must hold above the 50 SMA on the 4-hour chart to avoid losses towards $44,000 support.
Bitcoin briefly reclaimed the position above $50,000 on Monday, suggesting that the uptrend and the bull cycle are still intact. Selected on-chain metrics such as the Adjusted Spent Outputs Profit Ratio (aSOPR) and the Liquid Supply change reveal that investor sentiment is higher as long-term holding emerges as a preferred strategy.
By Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy
China’s activity gauges slowed further in February, but this weakness is likely to be temporary. Activity gauges across EM showed a lot of divergence.
China’s activity gauges undershot expectations in February (see chart below),
but there are good reasons to believe that
the weakness is temporary. First, China’s manufacturing typically moderates during the Lunar New Year due to factory closures. But this year’s celebrations also coincided with the new COVID restrictions, exacerbating the seasonal pattern. Second, many high-frequency indicators (including energy production by six major power stations) already show improvements compared to January. Third, production and business expectations held on extremely well despite the second wave of the movement restrictions. Finally, the global trade is rebounding – as witnessed for example by increasing container supply from China – which is a
this post authored by Nina Boyarchenko, Richard Crump, Anna Kovner, and Or Shachar
With more than $10.4 trillion outstanding as of Q3:2020, the U.S. corporate bond market is a significant source of funding for most large U.S. corporations. While prior literature offers a variety of measures to capture different aspects of corporate bond market functioning, there is little consensus on how to use those measures to identify periods of distress in the market as a whole.
In this post, we describe the U.S. Corporate Bond Market Distress Index (CMDI), which offers a single measure to quantify joint dislocations in the primary and secondary corporate bond markets. As detailed in a new working paper, the index provides more salient information about the state of the corporate bond market relative to common measures of financial stress, thereby more accurately identifying periods of widespread dislocation in the market.
By Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy
Brazil’s key near-term risk is that the emergency aid bill will be approved without compensatory measures. Mexico’s electricity bill raises further concerns about reforms’ rollback.
The approval of the emergency aid bill is the most important near-term driver for Brazil’s assets. Investors are realists, and they understand that the bill will most likely be watered down. What
worries them much more is that the bill might be split into two parts―emergency spending and compensatory measures―which will be voted on separately. If the bill is approved without the compensatory measures,