Some major moves

A rousing chorus of "Happy Days Are Here Again!" echoed through the canyons of Wall Street yesterday as stocks soared after crashing earlier in the week.

Dread about the world's economic future gave way to hope which spilled into the digital money space. At one point last evening (on the East Coast), Bitcoin reached $62,000. But support there didn’t last too long. As of Friday, at 7:16 a.m. (EST), the most gigantic cryptocurrency stood near $60,500, reflecting a 5.3% gain over the previous day. Ethereum, second-largest crypto, spiked 7.5% to reach $2,635, per CoinGecko.

ETH outpacing BTC could tie into a noteworthy slowdown in redemptions from the Grayscale's Ethereum Trust (ETHE) which carries a steeper price tag relative to the slew of new exchange-traded ETH products now available.

Turning to the rest of the Top 100, we see several stirring moves and even some showboating.

Take, for example, the 79th-largest digital asset, Sei (SEI), which has gained 17% in the past 24 hours. Sei is connected with the modular blockchain movement geared toward speed and scalability for the DeFi space.

Meanwhile, check out Helium (HNT), a network associated with the Internet of Things (IoT); HNT ballooned by 20% in the past 24 hours to get above the $6 mark.

SUI, native coin of a speed-centric layer 1 project, Sui, surged 30% to 84 cents. With a market capitalization of $2.1B, SUI is the 38th-largest coin, according to CoinGecko. HNT (with a market cap of $1B) is No. 71.

And for sheer pendulum swing peculiarity, there is a liquid staking token, EETH, that is supposed to mirror ETH's price, except that it inexplicably doubled to nearly $5K in just about one hour between 6 a.m. (EST) and 7 a.m. (EST); EETH, per CoinGecko, did subsequently resume trading more sensibly. We're still looking into it.

U.S.-listed spot Ethereum ETFs only bled a net $2.9M on Thursday, per Decrypt.

One day earlier, a net $24M fled ETH funds. These nine products, as of earlier this week, collectively had experienced outflows in excess of $400M since launching two weeks ago.

Fidelity's ETH fund, FETH, yesterday saw outflows for the first time since launching.

Grayscale's Ethereum Trust (ETHE) saw another $19.8M go out the door yesterday. But that’s bucket-droplet territory compared to how things have been going.

Overall outflows from Ether-tracking ETFs can be blamed on investors decamping from Grayscale's pricey ETHE vehicle.

But those freed-up funds are not necessarily finding their way to products such as Fidelity's FETH or BlackRock's ETHA or VanEck's ETHV.

One of the best days for ETH ETFs was on their first day of trading when net inflows were $100M. Another positive day was, ironically, this past Monday. Even as the second-largest crypto was plunging by as much as 25%, investors snapped up shares of ETH ETFs to the tune of nearly $50M worth of net inflows.

Good grief, Bitcoin might experience a "death cross" today. Really makes you think, doesn't it?

Oh, okay, turns out this technical omen doesn't necessarily spell doom.

As moving average crossover events go, the one to avoid involves a down-sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent, as Cointelegraph explains.

In an X thread, trader Benjamin Cowen flagged several examples (in 2019, 2021 and 2022) when such crosses were, indeed, ultimately followed by price declines. But Cowen also points to last year, when BTC started a rally soon after a death cross. The first step, in that non-fatal instance, was BTC battling above its 50-day SMA.

In BTC's case, at the moment, the desired better place to reach is $62K.