06 Nov 2023
November Outlook: The market is right?It’s hard, nearly impossible, not to remain bullish in November. An ETF verdict is nine weeks away, and institutional traders provide the only significant heater witnessed in the derivatives market.
CME traders are more exposed than ever before, and per futures premiums, CME traders sit confidently long and strong. Natives and retail are still conservative, leverage is low, yields are prudent, and volumes shallow. All in all, these are all positive observations from the market. ETH trades at 2-year lows after being hammered throughout October but has seen strengthening momentum. The futures premium disparity between ETH and BTC on CME has normalized, a promising signal for ETH, favoring a re-rotation into ETH again at 0.053 ETHBTC.