Ether’s declining correlation to bitcoin in net position may provide opportunity for investors. A return to correlation norms would suggest a price mover higher. GWilliamsJr_CMT writes
Bitcoin and ether have been taking different paths so far in 2023, which could present a buying opportunity for crypto investors.
BTC’s net position on exchanges reflects declining supply, while the increase in ETH’s net position indicates a larger stockpile on exchanges.An asset’s exchange net position is noteworthy because increases in value often precede the asset being sold, while decreases indicate that investors are removing the asset from exchanges to place it in cold storage. Investors may be able to anticipate the resulting price changes.
ETH’s correlation coefficient relative to BTC has fallen 18% since Jan. 23, without a clear explanation why. A return to correlation norms in conjunction with a continued rise of BTC prices would imply an accelerated move higher for ETH. Ether also appeared on a Thursday morning screen of approximately 90 cryptocurrencies that identify assets whose price has surpassed the upper bound of its Bollinger Bands.
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