6 December 2021

Market Recap

It was only natural that after bitcoin rejected $69k, $42k was in play. Jokes aside, crypto market saw another round of sell-off, not dissimilar to the 11/16 sell-off on the back of monthly options expiry, TWAP selling, BTC breaking key support level of $56k, and…

29 November 2021

Market Recap

Last week ended with a bang, as combination of TWAP selling, dealer caught short on monthly options expiry, bearish broader macro/risk sentiments, and BTC breaking key support level of $56k led to big market sell-off. Bitcoin saw >10% drawdown, whilst alts underperformed, reinforcing the safe…

Stadium Curse

22 November 2021

Market Recap

Following the sell-off last Monday, overall crypto market has been trading heavy; bitcoin (-12%) rejected $60k two times over the weekend, and ether (-11%) displayed similar price action as it rejected $4,400. Some of the headlines blamed for the correction included US infrastructure…

15 November 2021

Market Recap

We saw rather interesting price action in bitcoin last week, as the digital gold reacted positively to both risk-on and risk-off events. On the risk-on side, tailwind of constructive risk sentiments (major equity indices at ATH) pushed bitcoin and broader crypto higher. On the risk-off/inflation…

8 November 2021

Market Recap

Rising tide lifts all boats; bitcoin pushed through $65k and ether made new ATHs overnight, and L1s continued to be the biggest beneficiaries (as a sector) of the pump (SOL +20% ahead of Solana Conference, DOT +23% ahead of parachain auction on 11/11, AVAX +35%…

25 October 2021

Market Recap

ProShares Bitcoin Strategy ETF ($BITO) listing was a historical moment, with $BITO becoming the fastest ETF to reach $1bn in AUM. However, just like how Coinbase’s historical IPO on 4/14 set the local top for bitcoin, trading of $BITO saw bitcoin hit new ATH of…

11 October 2021

Market Recap

Orange October continued last week as bitcoin outperformed alts; bitcoin dominance (45.3%) is 300bp higher from 42.3% a week ago. Other PoW tokens, such as $LTC (+6%), $BCH (+7%), $XMR (+6%), $BSV (+22%), also printed positive weekly gains — a stark contrast to smart contract…

4 October 2021

Market Recap

Bullish sentiments are best reflected by latest crypto memes — ‘Uptober’ and ‘buy because it’s Q4’. Following China FUD, market saw strong month-end bid, followed by Uptober bid. BTC reclaimed above $45k and 50dma, while ETH also broke above 50dma; ETHBTC still largely range-bound as…

27 September 2021

Market Recap

Market spent the week range-bound following sell-off last Monday. Both price action and market sentiment look rather shaky, with bitcoin price failing to stay above $45k and 7-days moving average funding rate (Chart 1) turning negative.

Chart 1: YTD 7-Days Moving Average of Hourly Funding Rate for BTC and ETH on FTX

China FUD was real again last Friday as PBoC…

20 September 2021

Market Recap

Market spent the week rallying, only to give back some of the gains during the weekend — nothing much has changed in terms of funding rate (Chart 1) and levels of leverage (Chart 2) for both BTC and ETH.

Chart 1: YTD 7-Days Moving Average of Hourly Funding Rate for BTC and ETH on FTX

Satori Research

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