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Alts flail. Risk assets got brutalized this week, with a sharp decline on Tuesday morning followed by a leg lower on Wednesday from a seemingly hot inflation print and nothing but downside throughout the Friday session. What’s going on in markets, and is there any cause for concern?
The S&P 500 declined by 1.7% this week, the index’s largest weekly sell off since markets bottomed last October, and the further out the risk curve you go, the more dramatic the losses become.
Although Bitcoin's peak-to-trough losses, which exceeded 10% this week, may seem substantial when compared to the stock market’s, they are muted in relation to the significant drawdowns experienced by other crypto tokens, with BTC’s decline in price combining with a surge in dominance to massacre alts.
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