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ETH/BTC Correlation, Sentiment Reversals, and Flight to ETH DeFi

Jun 3, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

Crypto majors like BTC and ETH are up for the day, but have run into resistance at May 27ths daily open. FIL and SOL are the biggest winners of the day so far. Today’s edition of the Delphi Daily will focus on this crash’s hardest hit tokens, what ETH/BTC could be looking like, and the potential resurgence of positive market sentiment.

Tokens That Had a Forgettable May

ALPHA, LUNA, and FTM were a few of the worst hit coins over the past month. FTM saw a sharp run up in March/April as the cross-chain narrative took off and a subsequent drawdown as the broader market crashed; ALPHA price action and sentiment had been choppy after peaking in February; and LUNA’s drawdown was caused by the UST feedback loop, as we explained in an earlier edition.

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