| August Action. Not much has changed since our update Saturday.
Short-term, there's weakness/underperformance in many tokens, including Bitcoin. - You can see this showing up in price momentum. If it shifts to the weekly timeframe, I'd be more concerned. This could preclude a larger drawdown, of which, we've had a few 20-30% drawdowns during previous bull markets.
On the other side of the coin are ETH and SOL, which have held up better during this retreat from the weekend highs. ETH +14% and SOL +18% vs BTC on the week.
ETF inflows (institutional driven) have slowed this week, more money is going into ETH ETFs short-term, and for now the narrative has shifted to ETH. Again, if I had to own one, I'd be long ETH into dips at the bottom of the weekly estimated range, currently near $4,100.
I think we're in a macro environment where you want some crypto exposure, but short-term ETH has been the better trade. At some point this probably shifts again, but for now the market signals seem to agree.
We're seeing ETH relative outperformance, ETH/BTC ratio strength, and price momentum remains bullish for ETH across all timeframes we track (daily, weekly, monthly), while BTC price momentum has shifted to bearish on the daily timeframe. We're not calling a top in BTC per se, but ETH has certainly been the winner this month.
Volatility has picked up slightly and we're getting wider expected moves, but no substantial change to note. BTC range high is currently $117k (not a new high), ETH is $5,057 (new high). - Another signal for ETH.
Also, if stocks move on anything short-term, such as NVDA earnings, I'd expect crypto to generally go in the same direction. Short-term correlations have strengthened a bit over the past week.
We will cover all of this and more on The tastycrypto Show at 4:30 PM CT on tastylive. Greg Magadini from Amberdata will be there too, so obviously it's going to be action packed.
Stay tasty,
Ryan | 
