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New SFOX crypto market report suggests that worries about lukewarm institutional/enterprise interest in Bitcoin may be overblown


The SFOX Multi-Factor Market Index has moved from mildly bullish to neutral as of October 7th, 2019. The S&P 500, gold, and all leading cryptocurrencies show negative month-over-month returns as of October 7th, which ETH and the S&P 500 showing the least losses. The major theme of the last month has been unexpected bearish signals in terms of institutional and enterprise interest in Bitcoin — but fears about these signals may be overblown. Watch for further developments in Project Libra and Bitcoin futures markets to potentially impact crypto volatility in the remainder of October.

In the September 2019 edition of our monthly volatility report, the SFOX research team has collected price, volume, and volatility data from eight major exchanges and liquidity providers to analyze the global performance of 6 leading cryptoassets — BTC, ETH, BCH, LTC, BSV, and ETC — all of which are available for algorithmic trading on our trading platform.

The following is a report and analysis of their volatility, price correlations, and further development in the past five weeks. (For more information on data sources and methodology, please consult the appendix at the end of the report.)

Current Crypto Market Outlook: Neutral

Based on our calculations and analyses, the SFOX Multi-Factor Market Index, which was set at mildly bullish a month ago, has been moved to neutral as of October 7th.

We determine the monthly value of this index by using proprietary, quantifiable indicators to analyze three market factors: price momentum, market sentiment, and continued advancement of the sector. It is calculated using a proprietary formula that combines quantified data on search traffic, blockchain transactions, and moving averages. The index ranges from highly bearish to highly bullish.

As we’ll consider further in the analysis below, it appears that the downturn in market sentiment may have to do with fear around signals that “major” ...

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