Stably Weekly Newsletter – 04/10/2024

Categories: NewsletterPublished On: April 10th, 20244.5 min read

Announcements & Product Updates

  • Instant ACH available for early users: Instant ACH as an on-ramp method is now enabled for beta users and will be available for all Stably Ramp users later this month. If you would like to request Instant ACH beta access, please email markus@stably.io.
  • List your asset for free on Stably Ramp: We now offer a zero-fee listing program to any third-party project interested in listing its assets on Stably Ramp. In exchange, the project can integrate the Stably Ramp iFrame widget, enabling its users to onboard from 170+ countries/regions and buy, sell, or swap these assets with stablecoins and traditional payment methods. Interested projects only need to apply. We will list the requested asset within 30 days if (1) we can source on-chain liquidity for it, (2) the project completes integrating Stably Ramp, and (3) the project passes our internal compliance review process.

Market & Industry Highlights

  • Market Commentary from Stably: Today’s CPI report showed higher-than-expected inflation numbers, with Fed officials worried about inflation progress stalling according to the FOMC Minutes released earlier this afternoon. The CPI rose 0.4% for the month, putting the 12-month inflation rate at 3.5% vs. 3.2% from last month.

    Equities and bonds immediately started selling off after the CPI report came out, with the S&P 500 down 0.95%, corporate bonds down 1.42%, and the 10-year treasury yield rising 0.18 percentage points to 4.54%. However, Bitcoin managed to recover from a post-CPI sell-off, bouncing from $67,500 to $70,000 as of the close of the US stock market today.

    It seems that Bitcoin and traditional markets are beginning to decorate again like during September-October 2023. If Bitcoin’s strong price action persists and is also confirmed with rising volume, the crypto market might not follow the same path as equities and bonds. Investors are likely to price in less Fed interest rate cut probabilities this year in the face of elevated inflation and stock valuations, putting more bearish pressure on traditional markets.

    Will Bitcoin remain a low beta-to-equities asset or will it eventually revert to the typical high correlation with stocks? Let’s wait and see.

7-day crypto price performance heatmap.

  • Junk Bonds Commentary from Stably: In times of market stress, bond ETFs have consistently provided price discovery and the ability for investors to express their differing investment views in real-time. Historically, when junk bond ETFs were above their 200-day moving average, it indicated a risk-on investor sentiment typically bullish for risk assets. Conversely, being below this average may suggest bearishness. For more information, please refer to this hypothetical backtest for trading Bitcoin based on 200-day moving average signals from the JNK ETF.

    As of today, JNK is 3.49 points above its 200-day moving average (vs. an all-time average of 1.20 points). This could be interpreted as a very bullish signal for both equities and crypto in the short term.’

Top pane: JNK with a 200-day simple moving average. Center pane: S&P 500. Bottom pane: BTC.

  • Alt Season Commentary from Stably: The 12-Month Alt Season Index is an indicator that measures the relative price performance of altcoins vs. Bitcoin in the previous 12 months. When the Index rises above 50, it signifies altcoins outperforming Bitcoin which is typically associated with major crypto market rallies (for example, during the 2021 bull market and DeFi Summer 2020).

    As of today, the Index’s value is 37. This could be interpreted as Bitcoin slightly outperforming altcoins for the time being, which means that a major crypto rally and alt season are still not in play, yet, but could be coming soon. 

12-Month Alt Season Index.

  • DeFi & Stablecoin Commentary from Stably: DeFi total value locked (TVL) and total stablecoin market capitalization are two reliable on-chain metrics to assess the crypto market’s current health. Rising TVL and stablecoin market capitalization indicate an increasing level of investor trust and engagement within the DeFi ecosystem, suggesting a robust and growing market. On the other hand, declining TVL and stablecoin supplies can signal a decrease in market liquidity and investor confidence, often reflecting bearish market sentiments.

    As of today, the total TVL in DeFi and the total stablecoin market capitalization stood at $176.04 billion (+5.02% WoW) and $154.09 billion (+0.80% WoW), respectively. This could be interpreted as a bullish signal for the crypto market as well as DeFi in the short term.

DeFi TVL and total stablecoin market capitalization.

Other Updates

  • Trustpilot Review: As a valued user of Stably Ramp, your experience with our platform is highly valuable to us. We would greatly appreciate it if you could share your thoughts on TrustPilot, helping others to understand the benefits of our service. Your feedback is not only appreciated but also instrumental in shaping our community and services.

Stably is a venture-backed FinTech from Seattle, Washington. We provide regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions, enabling their users in 170+ countries/regions to easily buy, sell, or swap digital assets at competitive rates across multiple blockchain networks with stablecoins and fiat payments. Our mission is to power the next billion Web3 users with a superior fiat & stablecoin onramp.

For all inquiries, feel free to contact us.

Follow Stably: X (Twitter) | Linkedin | Facebook |

RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value, including principal. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please view our full disclaimer.