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

13 September 2021

Market Recap

Following last Tuesday’s flash crash, market spent the week consolidating.


6 September 2021

Market Recap

Both bitcoin and ether broke out of their consolidation zone — bitcoin broke through $50k resistance on 9/5 amidst thin weekend liquidity, while ether has been consolidating since bulldozing through $3,400 on 9/1/2021. ETHBTC is now at upper range of 0.055–0.082 zone. Pretty much everything…


30 August 2021

Market Recap

Nothing much has changed in the last week — broader crypto market continues to hover above $2tn market cap, while BTC and ETH are trading sideways. Market continues to be idiosyncratic, with the moon ($LUNA, +25%) and the sun ($SOL, +34%) outperforming, with reflexive relationship…


23 August 2021

Market Recap

With little negative news and trend being our friend, crypto bull market playbook continues to unfold. Big 2 are largely quiet — ETH is continuing to consolidate, and BTC is testing $50k, following piercing through $48k resistance level. It is, however, Layer-1 season now —…


16 August 2021

Market Recap

You know it’s bull market when bad news are discounted — passing of infrastrcture bill with no change to the definition of crypto ‘broker’ and biggest DeFi hack in history ($662mio) did little to stem crypto rally, and retail favourites/legacy tokens like Cardano (+52%), XRP…


9 August 2021

Market Recap

Instead of being ‘buy the rumour, sell the fact’ event, London upgrade proved a catalyst for move higher in crypto, as market participants clamoured to gain exposure with an important riskevent past and safe; amount of ether being burned probably helped too. Given ether has…

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