In at least its third round of layoffs since June, crypto exchange Gemini is shedding another 10% of its staff, according to an internal message viewed by The Information.

This article originally appeared in Crypto Markets Today, CoinDesk’s daily newsletter diving into what happened in today's crypto markets. Subscribe to get it in your inbox every day.

Bitcoin (BTC): The largest cryptocurrency by market value was recently trading at around $22,950, up 2.3% for the day. BTC moved sideways earlier Monday and briefly reached as high as $23,158 in early afternoon trading hours (ET) before retreating. According to data from CoinShares, short-bitcoin investment products saw inflows of $25.5 million last week, the largest amount since last July, when $51 million went into those products in one week.

Equities closed up amid continued hopes that the U.S. central bank will ratchet back its hawkish monetary policy. The tech-heavy Nasdaq Composite rose 2% while the S&P 500 and the Dow Jones Industrial Average (DJIA) were up 1.1% and 0.7%, respectively.

Ether (ETH): ETH followed BTC’s pattern, rising 0.4% to recently to trade at $1,630. Ethereum's Shanghai hard fork will begin this spring. Developers said they had successfully created a copy of the blockchain – known as a “shadow fork” – to provide a testing environment.

FTX’s FTT Token: FTT has rallied nearly 150% this month as a bull revival in the broader market triggered a short squeeze in the battered cryptocurrency. Data tracked by Kaiko Research shows a balanced order book in Binance's FTT-BUSD market, with the number of buy orders for 20,000 FTT or more now matching similar-sized sell orders. FTT previously crashed 96% in November, hitting a low of 81 cents as its parent exchange went bust. As of publication time, FTT was trading at $2.2, up 8% for the day, according to data from CoinGecko.

Axie Infinity (AXS): Play-to-earn giant Axie Infinity's AXS cryptocurrency is rallying despite the impending unlocking of millions of dollars worth of tokens. AXS was trading as high as a four-month high of $13.94 earlier Monday before it had settled back to around $12.6 as of publication time. It was up 13% in the past 24 hours.

By Glenn Williams Jr.

The Long Term Holder MVRV (market value to realized valued) ratio has risen above 1.0 for the first time in six months, indicating that the cost basis for long-term holders is now below the spot price of bitcoin.

Clearly, investors getting long (buying and owning an asset expected to appreciate over time) on BTC at a lower cost basis following a prolonged decline in BTC's price is driving this trend. But with over 97.5% of short-term supply now in profit, will newer BTC investors cash in on the move higher or maintain their positions, ultimately becoming long-term holders themselves? And what is the significance of either move?

Evidence from January 2018, April 2021 and November 2021 indicates that an increase in short-term supply in profit above 97.5% preceded sharp price downturns. Are markets now headed in that direction?

Investors may also wish to scrutinize the stablecoin supply ratio (SSR) and the amount of bitcoin being sent to exchanges, among other indicators. The SSR declines as investors send more stablecoins to exchanges relative to BTC. This trend indicates more capital being sent to exchanges for the purposes of acquiring more bitcoin. A similar metric to remember is the exchange reserve balance of stablecoins, because an increase indicates increased buying pressure.

Read the full technical take here.