28 Mar 2023

Consolidating in chaos

FOMC, CFTC, other regulators and MSTR in focus
consolidating in chaos cover

In Short

A slight moderation in FED's hawkish tone could suggest that the hiking cycle is nearing its end while bank fears still remain omnipresent. Is this what causes institutional traders to maintain a positive bias toward BTC?Binance re-introduces trading fees to its spot pairs, while the CFTC charges Binance for willful evasion of federal law. We explore the potential implications of the recent Binance developments in this week's market update.


  • BTC falls 3%, trading below $27,000
  • Spot volumes falls 64% in a week
  • CME basis stable at yearly highs
  • MicroStrategy with $114m left in the tank to buy BTC in Q2?
  • 30-day volatility climbs to November highs
  • Perp traders remain conservative
BTC reigned largely stable in another hectic week of volatile macro conditions seeing a weekly return of -3%. After pushing 40% gains over a ten-day span, a period of consolidation should surprise no one, and this plateauing is typical. Three distinct market events caused downside volatility:
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