Weekly Market Analysis

SUMMARY

Macro environment:

The global “preparation” for the Fed to shrink its balance sheet: Wall Street raises a wave of debt dumping. The three major U.S. stock indexes fell across the board. U.S. Senate proposes draft: companies transferring profits overseas will face tougher penalties.

Spot market:

Market Overview: Overall cryptocurrency market cap reached $1.995 trillion this week, up 5% from last week.

Technical Analysis: BTC upside blocked, retracement occured, focus on support below. BTC upside blocked, retracement occured, focus on support below.

Stablecoin and Capital flow: USDT issued continually this week. USDT premium rate continues to be negative.BTC balance in exchanges’ wallets is stable this week, ETH outflow slightly.

Miner: The BTC hash rate rose slightly.

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

Derivatives market:

BTC futures open interests was basically stable. The general basis oscillated downward. The open interest of CME BTC futures’ contract rose and then fall back. The trading volume gradually improved. The funding rate of BTC perpetual contracts was basically around 0, OKEx’s funding rate fluctuated larger.

BTC option open interests increased slightly. All terms of BTC ATM IV decreased , and the super-short term decreased more greatly. All skew of BTC are positive, with a small overall decline and a small widening of the gap between skew.

The open interests of ETH contracts basically remained stable. The general basis fluctuated slightly. ETH perpetual contracts funding rate was basically positive.

The total ETH options open interests fluctuated slightly and remained stable. All term IVs decreased, with ultra-short-term IV declining the least. The differences between all terms skews are gradually expanding.

Derivatives market sentiment: the market as a whole has no clear view on the aftermarket.

Weekly Market hot spots :

Citigroup Plans to Offer CME Bitcoin Futures Trading. Top Gainers and Losers list: The top 3 market gainers are IOTX, RVN, HOT. Market Sentiment: Market Sentiment maintains Greed.

Macro Environment

BTC and ETH Spot Market Analysis

Analysis of Derivatives Market

Market Hotspots

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