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Fundstrat Crypto Indices

Crypto Indices by Fundstrat Global Advisors

Over the past 7 days, the FS CryptoFX Agg Index decreased by 2.2%, compared with a 1.5% increase for the S&P 500 (Slide 6). After the sharp rally, Bitcoin had a relatively flat week last week. Bitcoin prices have been moving within the range of $9,000-$9,500 for most of the time. While it briefly fell below the $9,000 key level on Thursday morning, BTC quickly bounced back to $9,400 and finished at $9,235, 3% lower than the prior week.

Group leadership reversed
Within the FS CryptoFX size-based indices (Slide 14), last week’s leader, FS CryptoFX 10 large-cap index, trailed the most (-2.5%), while last week’s laggard, FS CryptoFX 250 small-cap index, gained the most (+2.4%). This pattern is commonly seen in crypto markets – Large-caps, especially bitcoin, are most sensitive to any market news because they are the only fiat on-ramp for crypto. And then the capital will gradually flow to the smaller-caps from the large-caps. 

Halloween flash crash
The perpetual BTC-USD contract in the world’s largest Bitcoin options exchange, Deribit, flash crashed at 5 pm ET last Thursday, down 16% from $9,200 – $7,700. In a subsequent statement by Deribit, it stated that the flash crash was due to a miscalculation of its price index. Deribit also said it would reimburse the affected accounts in this incident, and the reimbursement will cost the exchange over $1.3 million (~150BTC), according to Deribit’s estimates. 

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