21st December 2021 > > Some metrics are looking poorly.

tl;dr

Look away now if you are faint hearted.

Market Snap

Market Wrap

That is not a bad rally overnight, getting some people excited about a potential close above $50k for 2021. Which would be nice, but I am feeling a little nervous about that.

Omicron – or more specifically, governments’ reaction to Omicron – cannot help but weigh on risk assets into the close of the year. The general mindset will be to lock in a stellar performance for 2021 rather than run the risk of a March 2020 repeat in extremely illiquid markets.

And as I reference below, there are a number of metrics which are all looking negative, not positive.

Curious Cryptos’ Commentary – Crypto fund flows

For the first time since summer, crypto fund flows have turned negative.

Curious Cryptos’ Commentary – BTC futures

The leveraged children are coming back to town. When will they ever learn?

Curious Cryptos Commentary – Some other currently negative signs

Premium on CME BTC futures has dropped to zero.

Discount for the Grayscale BTC trust is at its largest ever at over 20%.

Miners’ unspent supply is about to hit all-time highs.

Fear and Greed Index shows extreme fear, or extreme greed, one or other. It matters not, as this extremely popular index is as useful for BTC price information as your free-range, organic goose is for your vegan Christmas lunch.

Reserve Treasury Protocols (before they all go to zero