Weekly Market Analysis
•President Biden to Announce Framework for $1.75 Trillion Spending Pla; Three major stock indices continue to reach new highs; The initial GDP in Q3 has dropped down sharply compare to last seaso.
•Market Overview: Overall cryptocurrency market capitalization stood at $2.589 trillion, down 0.77% from the previous last week.
•Technical analysis: BTC is volatile and prices are under pressure but not much down overall. ETH hits another ATH as uptrend continues.
•Stablecoin and Capital flow: USDT issue volume increased slighttly this week. USDT premiums upward continuously, BTC balance in exchanges’ wallets outflowed slightly, ETH outflowed slightly.
•Miner: The BTC hash rate increased slightly.
- Compliance agency: Grayscale Trust BTC/ETH lock-up volume remains stable this week.
•BTC futures open interest and basis roughly kept the same level as last week. BTC perpetual contract funding rates remain positive. BTC-compliant market futures contracts saw a sharp drop and a following callback in both open interest and volume.
•BTC options open interests kept steady. BTC long-term and ultra-long-term options IV kept steady, while short-term and ultra-short-term options IV fluctuated back and forth. The skew of BTC long-term options is up while short-term options under resistance.
•ETH contract open interest kept steady, with basis had a slight increase. ETH perpetual contract funding rates were largely positive except Huobi.
•ETH options open interests rose again after a short pause. ETH short-term options IV slightly dropped, with interval became wider. The skew of ETH options had no significant changes most of the time.
Weekly Market hot spots :
- Facebook changed its name to Meta. The top 3 market gainers are SHIB, SCRT, and CRV. Market sentiment shifted from neutral to greedy.