Crypto Market to Stay Highly Correlated to Stocks Amid Macro Events and Dwindling Network Activities, Citi Says

The bank noted that network activity has been falling on Ethereum and stalling on the Bitcoin blockchain."ETFs have seen net outflows, layer 1 activity has fallen or stagnated and funding rates remain very low," analysts led by David Glass wrote. Funding rates are the difference between price of the perpetual futures and the spot price of digital assets.

Looking forward, the bank said it expects the crypto market to remain highly correlated with equities amid the upcoming macro calendar, which kicks off with today'sMeanwhile, the market cap for stablecoin continue to grow, shrugging off the recent market weakness, the bank said. The Bitcoin hashrate, a proxy for competition in the industry and mining difficulty, is now at the upper end of its recent range, the report noted.Activity has also been trending lower on the Ethereum blockchain, and stalling on the Bitcoin network, the report added.

Rival Wall Street bank JPMorgan expressed similar sentiment in a report on Friday. It said the crypto ecosystem lacks major catalysts in the near-term and digital assets are likely to be more sensitive to macro factors.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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