Weekly Market Analysis

2021.09.11–2021.09.17

SUMMARY

Macro environment:

•U.S. Consumer Inflation Expectations Hit Highest Level on Record; U.S. stocks mixed on Thursday with minor shocks; U.S. Treasury says stablecoins pose most pressing risk, prepares for stricter regulation.

Spot market:

•Market Overview: Market Overview: Overall cryptocurrency market cap was $2.185 trillion this week, up 2.5% from last week.

•Technical Analysis: BTC volatility increased, need to watch EMA5 support. ETH shaking up, volatility may increase.

•Stablecoin and Capital flow: USDT repurchased a small amount this week. USDT premium rate turns from postive to negative. BTC balance in exchanges’ wallets outflow slightly, ETH is stable.

•Miner: The BTC hash rate decreased slightly.

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

Derivatives market:

  • •Both BTC futures open interests and basis rose slightly. The open interest of CME BTC futures’ contract picked up slightly, with volume unchanged from last week. The BTC perpetual contract funding rate was essentially zero.
  • •BTC options positions increased by more than 10%, returning to pre-pin levels. The Short Term IV and Ultra Short Term IV declined slightly. BTC options ultra-long-term and long-term skew were both positive and slightly up, ultra-short-term skew rose the most and remained negative, and the gap between the skews narrowed.
  • •ETH contract positions picked up slightly and basis differentials rose slightly. The funding rates of ETH perpetual contracts were essentially negative.
  • •ETH options open interests continued to rise. ETH IV declined slightly across all maturities, with a small decline in short-term skew and little change at the beginning and end of the remaining maturity skew.

Weekly Market hot spots :

  • •Vitalik Buterin Named to Time Magazine’s ‘100 Most Influential People of 2021’ The top three market gainers for the week were AMAX, ATOM, and HBAR. Market sentiment shifted from fearful to neutral.

Macro Environment

BTC and ETH Spot Market Analysis

Analysis of Derivatives Market

Market Hotspots

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