Crypto market moves ‘as one block’ despite broader rally: Cryptex co-founder

The crypto market has posted sharp gains across Bitcoin and several major altcoins, but Cryptex Finance data covering 36 assets and roughly 92% of the digital asset market shows that capital remains heavily concentrated in Bitcoin and Ethereum despite prices rising across the market. Summary Cryptex’s 36-asset index gained just 1.92% over the trailing seven days, even as several major cryptocurrencies posted much larger gains from their recent lows. Joe Sticco said low price dispersion suggests cryptocurrencies are moving together rather than investors rotating capital between assets and sectors. Sticco said roughly nine out of every ten dollars entering regulated crypto products during one recent session went to Bitcoin and Ethereum. U.S. spot Bitcoin ETF inflows provide evidence of institutional demand, although Sticco said rising asset values should not be confused with fresh capital entering the funds. Cryptex Finance co-founder Joe Sticco told crypto.news that participation in the recent rally had spread across the market, but the allocation of capital had not followed at the same pace, leaving cryptocurrencies trading more like a single group than a market in which investors ...