Worsening momentum
Souring prices and a short-lived ETH frenzy on CME.
Preview
In Short
BTC has retraced to its late March/Early April consolidation range after facing a 7% downside in the past week. The souring prices have caused derivatives traders to act more cautiously as we await a period of multiple important macro releases and banking holidays.
Takeaways
- 7% downside in BTC, 12% downside in ETH
- Skews flips positive
- CME Ether OI erases all growth post-Shanghai
Market conditions soured this week. After a large sell-off on April 19, BTC slumped lower before stabilizing at $27k over the weekend, leading BTC to see a 7% downside in the past seven days. ETH underperformed, seeing losses of 12%, as open interest in ETH derivatives quickly retraced to pre-Shanghai levels.
