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Vibe Check: Coiling the Spring: CoinDesk Indices' Todd Groth

Periodic observations and market musings from Todd Groth, Head of Research, CoinDesk Indices

Updated Mar 8, 2024, 9:10 p.m. Published Feb 7, 2024, 2:04 p.m.

Coiling the Spring

We’ve regained 1650 levels on the CoinDesk 20 Index, as the digital asset market settles into familiar levels pre-bitcoin spot ETF launch and we’ve re-established a significant uptrend in the Bitcoin Trend Indicator (BTI). The indicator is an online tool, created by CoinDesk subsidiary CoinDesk Indices, to help investors determine where the price of bitcoin (BTC) is going.

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The market has also been shrugging off the recent move higher in U.S. interest rates, from last Friday’s January blowout jobs report (+353k vs +170k expected) and Jerome Powell’s 60 Minutes interview over the weekend.

“We're making good progress. The job is not done” said Powell on inflation, causing rates to shoot back upwards towards 4.1% on the U.S. 10-yr (from 3.9% days prior).

Another area where we’re making good progress but the job is not done? The CoinDesk 20, as we move upwards towards retesting the 1800 level and form a bullish pennant.

Need more color on what's happening in the markets? Check out these stories:

BlackRock’s Bitcoin ETF Inflows Climb to Fifth-Highest Among All ETFs in 2024: Fidelity's spot ETF also garnered a ranking in the top 10 of fund inflows so far this year.
Bitcoin Miner Selling Ahead of Halving Is Capping Prices: Bitfinex: Miner reserves saw continued net outflows since bitcoin ETF debut, falling to their lowest level since June 2021.
SEC Delays Another Ether ETF Application: A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.

Analysis Markets

Todd Groth

Todd Groth was the Head of Index Research at CoinDesk Indices. He has over 10 years of experience involving systematic multi-asset risk premia and alternative investment strategies. Before joining CoinDesk Indices, Todd served as Head of Factor Insights at Premialab, an institutional fintech analytics company, and as a Managing Director at Risk Premium Investments (RPI), a systematic multi-asset asset manager. Before RPI, Todd was a Quantitative Portfolio Manager at Investcorp and began his finance career at PAAMCO, a fund of hedge funds, as a manager within the risk analytics group. Todd holds a BS in Mechanical Engineering from the University of California, San Diego, an MS in Mechanical Engineering from the University of California, Los Angeles, and a Master of Financial Engineering from UCLA Anderson School of Management. Todd holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.