The Weekly Crypto Briefing You MUST read
1) Bitcoin fails to react positively to the lower U.S. CPI data & to the U.S. debt ceiling talks. This is a time to be cautious & as crypto leverage is low, selling vol (sell calls & sell puts) might be the right strategy into the summer. Volumes have also dropped sharply to just $30bn as Binance stopped zero BTC fees and Jump & Jane are stepping back. Stablecoin volume is shockingly low at $12bn for the top 3 with USDC trading just $2bn now.
2) Bitcoin price is 26,772 below the 50d MA 28,372 -> this is bearish, price WoW decreased by -0.6%; Ethereum price is 1,806 below the 50d MA 1,888 -> this is bearish, price WoW increased by 0.2%; overall the trend is down -> bearish.
3) Ethereum outperforms Bitcoin currently as the trend (20d) MA shows ETH / BTC ratio is going up, crypto is driven by alpha factors, this is positive, find idiosyncratic trades.
4) The Global Crypto market cap decreased by -1.8% WoW to $1.17trn, below the 50d MA ($1.24trn), which is bearish, Bitcoin dominance at 44.6% for the week (below the 50d MA 44.7% -> as alt coins outperforming), this is neutral.
5) Global Crypto trading volume decreased by -44.6% WoW to $30.7bn, below the 50d MA ($55.3bn), which is neutral, weekly Bitcoin volume was -63% lower than avg. while Ethereum volume was -47% lower than average.
6) Top 3 stablecoin mkt cap ($119.2bn) is in the 5%ile range, volume ($12.4bn) is in the 0%ile range (last 3m), Mkt cap WoW 0% or $-0.1bn. USDC market cap now below $30bn and volume is down to $2bn only.
7) TVL is below the 2m MA, which is negative, TVL (Total Value Locked) decreased by -0.4% (or by $-0.2bn) WoW, & now stands at $67.3bn, notably Lido TVL decreased by -4.3% to $11.9bn, TVL outflows driven by Staking sector with $-0.27bn outflows to $12.63bn, Lido dominance 96%.
8) The number of active Bitcoin addresses has decreased by -11.2% over the last 1 week, to 696k, this is bearish, number of active Ethereum addresses has decreased by -6% over the last 1 week, to 645k, this is bearish.
9) The futures funding rate trades positive for Bitcoin (7.7%), this is bullish and the funding rate is positive for Ethereum (7.7%), this is bullish, BTC futures open interest ($13.2bn) is in 62%ile range, this is neutral - ETH futures open interest ($6bn) is in 13%ile range, this is bearish. Bitcoin futures saw avg. daily liquidations of $14m, historically, liquidations print $52m, this is seen as neutral, Ethereum saw avg. daily liquidations of $9m, historically, liquidations print $46m, this is seen as neutral
10) Our Greed & Fear Index prints 26%, while the Ethereum Greed & Fear Index prints 33%. The RSI for Bitcoin is 40% while the Ethereum RSI is at 43%.
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