Eight days to Shanghai
How much selling pressure may the Shanghai upgrade realistically bring to the market?
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In Short
This report contains our outlook on April, where we argue that increased sell-side supply could lead to a slowdown after a very strong March. We also examine how the current CME contango may impact futures-based BTC ETFs in the future, in addition to typical Easter effects on the crypto market.
Takeaways
- Bitcoin still consolidates at $28k
- Trading volumes down 37% in the past week
- CME's basis falls below 5%
- 46% of all staked ETH is in profit
- Easter volatility has been typical in the past five years in BTC
Quieting down
Another flat week has passed, with BTC still ranging near $28k throughout most of the past week. Apart from a huge options expiry on Friday, the market structure mirrors that of last week. ETH has slightly outperformed BTC, as ETH is 8 days away from its Shanghai upgrade, enabling stakers to unstake funds – an update that could cause near-term selling pressure.Subscribe to K33 Research Pro to download this report
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