Bitcoin and Ethereum shook the market. Herald of what?

Bitcoin and Ethereum have far outperformed major stock indexes so far this week despite rising Treasury yields and the continued rapid rise of the dollar. According to the latest data from CoinDesk, Bitcoin has gained 2 percent to its investors so far as of this week. Ethereum, on the other hand, has similarly gained about 2.2 percent in the last week.

In contrast, the Dow Jones Index fell by 1.54 percent on average in the last week, while the S&P 500 Index lost 1.8 percent in the last week. The tech-heavy Nasdaq has dropped 1 percent since the start of the week.

Despite the rise in the dollar and government bonds and the significant decline in stocks, Bitcoin seems to have diverged from the markets with the last week. The performance of both Bitcoin and Ethereum, which can be considered high in the last week, is interpreted by some experts as a harbinger of a new bull market.

Data from Glassnode shows that the price noticed by short-term Bitcoin holders fell below the price noticed by long-term Bitcoin holders last weekend. According to the comment of Analyst Marcus Sotiriou of digital asset broker GlobalBlock, this has happened only three times in Bitcoin history before.

According to Sotiriou, this also marks a bottoming process.