17 Jun 2024

Solid ETH ETP flows

A week of poor momentum across the entire crypto complex, particularly among smaller altcoins. While altcoins have faced a significant long squeeze, BTC leverage remain high and steady.
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Market remains mild and choppy
Bitcoin (-6%) currently trades at one-month lows around $65,000 as crypto fails to build momentum in either direction. The market continues its recent form – diminished volume and volatility while open interest in derivatives hovers around all-time high. BTC 7-day volatility and 30-day volatility revisit yearly low levels. FOMC offered intraday volatility, but that was the extent of it. Favorable CPI data was balanced out by the Fed signalling only one cut this year. Delayed interest rate cut expectations combined with political uncertainity in Europe pushed DXY higher, contributing to weakening crypto markets.
Offshore traders embrace the chop with relatively minor liquidations
OI in perps continues to tr
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