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Market Pulse (Week 28, 11/07/2022 – 17/07/2022) | crypto.com

Market Pulse (Week 28, 11/07/2022 – 17/07/2022) | crypto.com| FXMAG.COM
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ETH is gaining momentum, up 24.1% in the past one month. BTC options implied vols remain subdued. BTC perps funding rates continue to print positive.

Chart(s) of the Week: ETH Gaining Momentum

  • Not to be lost amid the current predominantly negative sentiment is that ETH has been quietly gaining momentum. It is up significantly at +24.1% in the past 1-month, outperforming BTC’s +3.5% by a wide margin. Ethereum developers very recently gave an update and proposed 19 September 2022 as the tentative target date for the Merge.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 1market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 1

  • Our recent Alpha Navigator report highlighted BTC vs. ETH as a potential market-neutral pair trade, as the BTC vs. ETH price ratio (BTC price divided by ETH price, in US$) was at a peak (2-standard deviation ceiling band), the ETH Merge catalyst remained in play for Q3 or Q4, and that any return to risk-on sentiment would likely favour ETH over BTC. ETH’s outperformance over BTC since then is driving the price ratio back down towards the average.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 2market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 2

Fund Flow Tracker

  • Aggregated exchange balance for BTC saw an uptick during the past week, after marking a 1-year low in early July 2022. The past week saw net-inflows of 13.3K for BTC and net-outflows of -74.6K for ETH. BTC balance held on OTC desks printed higher over the past week.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 3market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 3

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 4market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 4

Derivatives Pulse

  • All is quiet on the options front. 1-week implied vol currently stands at 64.8% (vs. 66.5% a week ago) and 83.3% (vs. 81.0% a week ago) for BTC and ETH, respectively. Skews remain subdued for both BTC and ETH.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 5market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 5

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 6market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 6

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 7market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 7

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 8market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 8

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 9market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 9

  • Perpetual futures funding rates continue to print positive for BTC, while ETH saw some negative prints over the past week.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 10market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 10

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 11market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 11

  • Leveraged traders’ (i.e. speculators) net-short position in CME Bitcoin futures has continued to reduce since mid-May 2022.

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 12market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 12

  • Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients.
  • The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional.
  • The dealer category consists of participants typically described as the “sell-side” of the market. These include large banks and dealers in securities, swaps, and other derivatives. The other reportable category consists of traders mostly using markets to hedge business risk, and includes amongst others corporate treasuries.

Technically Speaking

  • ETH has broken out of the narrow sideways channel established since mid-June, crossing the 10-day moving average on its way up, and is now testing the 50-day moving average. 

market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 13market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 13

Price Movements

 
 
market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 14market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 14
As of 17 Jul 2022
Source: CoinGecko.com, Crypto.com Research
 
 
market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 15market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 15
Source: Crypto.com

News Highlights

Catalyst Calendar

 
 
market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 16market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 16
 
 
market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 17market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 17
 
 
market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 18market pulse week 28 11 07 2022 17 07 2022 crypto com grafika numer 18

Disclaimer:

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

 

Author

Research and Insights Team

Tags

CRYPTO

CRYPTO RESEARCH

CRYPTOCURRENCIES

MARKET

MARKET PULSE

Source: Market Pulse (Week 28, 11/07/2022 – 17/07/2022) (crypto.com)


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