In Short
In this report we unpack our market view for November. We cover the short squeeze from the past week, predominantly originating from FTX. We further illustrate the market moving effects of the FOMC meetings. We note little to no institutional activity still.
Takeaways
- BTC sees 2% upside after a large short squeeze
- Short squeeze originated on FTX. FTX saw a 35% reduction in OI. Impact on other exchanges far more soft.
- A new FOMC is approaching, expect volatility. The market is expecting a 75bps hike.
A green week following a massive short squeeze. Last week saw the largest short liquidation volume in crypto since July 26, 2021, contributing to pushing BTC up 6%. ETH saw more substantial gains of 18%, driven by a heftier short squeeze. Throughout the last week, BNB has seen a more stable uptrend, possibly led by more BNB enthusiasm related to Binance’s role in Musk’s Twitter takeover.
