…Are we back (it feels like we’re back)?

TL; DR

• BTC just gained $71k, ETH is back above $3.6k, Solana shot up to $187 (the conclusion: market sentiment is turning positive again).

Full story

Okay, time for another bi-weekly(ish) check-in on the crypto markets.

Just about everything is on:

1. BTC just rose to $71,000 for the first time since early April

2. ETH hockey was stuck at $3.6k due to rumors that an ETF might be approved

3. While Solana rocketed to $187 (also for the first time since early April)

…but why?

Outside of the ETH ETF rumors (which broke a few hours ago after this pump had started) – it’s not like there have been any new developments since the last CPI (aka: the cost of ‘things we use every day’) data was released last week.

Of everything we’ve learned in our chronically online state of being, there isn’t a direct news story that owes this pump.

In fact, the answer seems much simpler than that:

After the CPI print showed inflation falling as expected, market sentiment has shifted from “Oh god, this is bad!” back to “Just baaaaby!” and kept there ever since.

For example:

• Prices remained relatively stable this past weekend (a time when trading volume is at its lowest, which can often cause prices to drop).

• The slight dip we saw at that time was quickly bought up Sunday evening (ET) when trading opened in the Asian markets.

• And as of yesterday morning, the buying spree continued in the United States.

All without any big general news or narrative catalysts.

The only thing that changed, or rather: remained unchanged – was the Fear and Greed index, which rose from ~52/100 to ~62/100 last week, and has been hovering above 60 ever since.

(Signaling an increase in positive sentiment).

We’ll take it!