Crypto was quiet. Nothing moved beyond its normal range. The nearest mover was the Ethereum ETF realized vol, from +46.2% to +39.8%. Sixth of eight asset classes today. Crypto volatility moved at 2.1× its usual pace, cross-asset linkage at 1.8×, market structure at 0.7×, and performance at 0.7×.
2.1× its usual move
The Ethereum ETF realized vol moved from +46.2% to +39.8%. Ethereum realized vol moved from +39.8% to +35.9%.
1.8× its usual move
Bitcoin-gold co-movement went from +0.45 to +0.50. Bitcoin beta to the S&P went from +1.14 to +1.08.
Quiet (0.7×)
The ETH/BTC ratio (1-month change) eased to +5.7% on the month (from +11.4%). Stablecoin supply went from 307 to 306.
Quiet (0.7×)
Ethereum eased to +8.4% on the month (from +21.6%). The Ethereum ETF moved from +16.3% to +7.2%.
No fresh reading in this group. Bitcoin active-address growth moved from -2.7% to +31.5%.