Weekly Market Analysis

2021.10.09–2021.10.15

SUMMARY

•Biden Signs Short-Term Debt Ceiling Increase Bill, Debt Crisis Slowed Until December ; U.S. stocks fell Friday as technology stocks were pressured by rising bond yield; U.S. Treasury to pull $480 billion in liquidity from markets.

Spot market:

•Market Overview: Overall cryptocurrency market capitalization stood at $2.453 trillion, up 5.46% from the previous last week

•Technical analysis: BTC oscillated to the upside as the uptrend continued. ETH rebounded strongly on the downside and the uptrend continued.

•Stablecoin and Capital flow: USDT has bought back slightly in the last two weeks. USDT premiums continue to be negative, BTC balance in exchanges’ wallets outflowed significantly, ETH outflowed significantly.

•Miner: The BTC hash rate increased slightly.

  • Compliance agency: Grayscale Trust BTC/ETH lock-up volume remains stable this week.

Derivatives market:

•BTC futures open interests continued to rise, with basis holding steady. BTC-compliant market futures contract positions rose slightly, with volume holding steady. BTC perpetual contract funding rates remain positive.

•BTC options open interests continued to rise. IV for 1wk of BTC options has increased sharply this week, others increased slightly. Skew of BTC options of all periods shows a downward trend, in which both short-term and long-term skew have fallen below zero.

•ETH contract open interests continued to rise and basis increased steadily. The ETH perpetual contract funding rate fluctuated largely.

•ETH options open interests continued to rise. ETH options IV of all periods rose slightly, with skew basically unchanged from a week ago.

Weekly Market hot spots :

  • The U.S. SEC is proposing to adopt a bitcoin futures ETF. The top 3 market gainers are NU、STX、PERP. Market sentiment shifted from neutral to greedy.

Macro Environment

BTC and ETH Spot Market Analysis

Analysis of Derivatives Market

Market Hotspots

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