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Inside the NCI - March 9, 2026

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Nasdaq CME CryptoTM Index Performance (Weekly):

 

The NCI rose 2.7% last week, driven mainly by BTC (+3.1%) and ETH (+2.6%). The rally came despite early-week headwinds from collapsed Iran negotiations and a shocking −92K payrolls print that pushed unemployment to 4.4%, but sentiment shifted as leveraged short positions were unwound and spot BTC ETFs posted $1.15B in weekly inflows. The reversal was particularly notable given that crypto diverged from other major asset classes, with the S&P 500, Nasdaq 100, MSCI World, and gold all declining over the same period.

 

CIO’s view:

 

Crypto’s divergence from equities and gold amid positive ETF inflows and its recent short squeeze indicates bearish positioning may be overcrowded. We expect continued volatility and bitcoin to trade in the $60,000-$80,000 range, with an eye on potentially positive catalysts such as advancement of the CLARITY Act.

 

Key Developments 

 

Digital asset bank Kraken Financial has been granted the first Federal Reserve master account awarded to a crypto firm

 

 

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