23 May 2023
Pushed to extremes: A remarkably unremarkable market state
Trading volumes at 2.5 year lows and uniquely cheap vol
In this week's market update, we explore the implications of Tether's announced BTC purchases, a potential resurgence of BTC's portfolio diversification narrative, peculiarly priced options, and early signals of positive institutional flows in BTC.
Five consecutive Tuesdays of BTC at $27k
Lowest recorded 7-day average volume since December 2020
Correlation to Nasdaq at 17-month low
Tether to buy 6% of the daily BTC issuance?