The market reign anemic with negative funding rates and dwindling trading volumes. Several important economic indicators are due to be released this week. Will this stop the market from slumbering?
Preview
Bitcoin and ETH give up recent gains
Both Bitcoin (-6%) and ETH (-6%) lost some ground this week following their recent rallies. Bearish sentiment reigns as trading volumes dried up. A long weekend in the U.S. and Canada capped off a slow news week, but we expect a shift in gears as the U.S. releases highly anticipated employment data following the Fed’s pivot. Friday, September 5, offers the most important economic data, with U.S. Nonfarm Payrolls (exp: 164k) and U.S. unemployment rate (exp: 4.2%). With the backdrop of heightened recession fears, we expect significant spikes in volatility as this data is released.
Funding rates reign negative while open interest pushes higher after BTC's strong Jackson Hole rally. This week, we dive deeper into the poor ETH ETF flows and the absorption of 188,500 BTC throughout the summer.lg...more
Prices have retraced from 2mth highs as we enter a data-heavy week, set to move markets. While this may subdue short-term momentum, Q4 offer a plethora of bullish factors. lg...more
Correlations between BTC and the S&P 500 have grown to 23-month highs as macro dictates momentum ahead of the first cut. A persistent bearish sentiment in perps has flashed a rare but solid signal, making a compelling case for aggressive exposure.lg...more