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Risk assets rallied sharply earlier in the week following a temporary truce between the Trump administration and China on tariffs. But as expected, we’re seeing a healthy pullback now. BTC found support near $101,000, attracting dip buyers who pushed it back to $103,000 for the second time this week. Volume and open interest are slowly recovering but still trail Monday’s levels.
In alts, SOL is struggling to break through resistance at $180, while ETH is consolidating below a high-volume zone around $2,700. ETHBTC is hovering near recent highs, but SOLETH has underperformed, down 25% over the past month and nearing support. Bitcoin dominance has slipped from 65% to 62%, suggesting capital rotation into altcoins—a trend that could fuel further outperformance if momentum holds.
On the risk front, Coinbase revealed a serious internal data breach involving bribed offshore support agents, exposing sensitive customer info. The attackers demanded a $20 million ransom, which Coinbase declined, instead offering a matching bounty for information leading to arrests.
Meanwhile, fund flows tell a broader macro story—BoA data shows global fund managers held their largest underweight in the USD since 2006 as confidence in U.S. assets erodes under Trump’s erratic trade stance. Fed Chair Powell echoed that uncertainty, warning that long-term rates may stay elevated due to persistent supply-side shocks and tariff-driven inflation pressures. The Fed remains on hold, but Powell made it clear that any policy moves will require greater clarity on both inflation and growth outlooks.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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