07 Feb 2023

Ahead of the Curve - February 7

For the second consecutive week, BTC has seen weekly returns of 0%. Altcoins see more vibrant markets, but ETH continues to lag and currently seems constrained by being neither a retail nor institutional crypto darling.
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For the second consecutive week, BTC has seen weekly returns of 0% as BTC remains in consolidation. Altcoins, in particular small caps, have seen more upside over the past week as the market rotates into risk, leading the BTC dominance to fall by 0.9%. The dull price action of late has caused market activity in BTC to stagnate as BTC spot volumes when excluding Binance, have fallen by 42% decline over the past week. In derivatives, we note that CME’s OI has seen a steady decline over the past week, while the tendency of increased willingness to add leveraged upside exposure reappeared last week.While BTC stays in consolidation, the past week was far from calm. A myriad of macro events and equity earnings caused frantic price action. This week, the macro calendar is less frantic, and the focus will be on next Tuesday’s U.S. CPI release. The February 14 CPI release will be the first CPI release with updated weightings (as noted in our December 20 report) and is currently forecasted to grow 0.5% month over month.We explore the state of CME's Ether futures in addition to the post-FOMC and NFP action in this week's edition of "Ahead of the Curve".
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Ahead of the curve - Feb 7 2023
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