Bitcoin is on track with previous bear market, showing pretty much the same higher time frame market structure and price action, as well as volume and overall under the radar indicators.

This means that we’re likely getting to the start of a new market cycle, which we’re going to catch from the very start… again.

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DEXs gain market share as faith in centralized crypto players erodes; DEXs trading volume has already reached $91 B in November, a 79% increase over all of October

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BUSD market share approaches new all time high

Biggest drop in CPI Headline YoY (0.64%) since April 2020

Bitcoin short term volatility subdues to equal stocks.

Digital asset investment products saw outflows totalling $30m last week, outflows were seen across most asset types suggesting broad negative sentiment last week that was likely to due to ongoing uncertainties surrounding businesses linked to FTX and continued hawkish rhetoric from the FED

In January 2022 - more than 80% of NFT volume was wash trading

The number of crypto employments jumped 351% to 82.2K from 18.2K in 2019

The public Bitcoin mining companies collectively owe more than $4 billion

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While macro has been the main driver behind crypto price action throughout most of the year, this changed after the FTX implosion. Correlations dipped to as low as 0.17 immediately following the collapse and have stabilized below 0.6.

Overall, despite briefly decoupling from US equities markets, crypto is not insulated from the broad macro backdrop.

BTC spot volume usually peaks between 9 and 11 hours ET, Coinmetrics shows.

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Bitcoin NFTs push transaction fees on the blockchain to highest in over a year.

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GBTC jumps 12% in biggest one-day increase since February 2022.

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Stablecoins are still a small fraction relative to cash in circulation, especially in Europe. The end of BUSD could be an opportunity for EUR-pegged stablecoins which have had trouble taking off.

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On-chain options only account for 0.19% of notional open interest (OI), with a high of 2% OI in April 2022

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Digital asset investment products saw minor outflows totalling $2m. Although this masks broader negative sentiment as the largest inflows were into short investment products.

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Binance Bitcoin trading volume hits lowest level in 8 months following termination of zero-fee trading

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Bitcoin and Ether options client interest and trading activity continue to accelerate as Q1 wraps up, with both contracts reaching record open interest of 15,089 contracts on March 27

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#Analysis
Overall short term bias has become bearish due to the last couple of day's price action, showing new mid term lows and the potential of an even deeper correction before exploding towards new long term highs.

Mid term bias is now neutral, meaning that we need a solid daily confirmation either to the upside (above $30,000) or to the downside ($26,000), to confirm our next big move, on which we'll be updating, as always.