09 May 2023
Worrying memecoin rally as BTC reigns stable
Surging on-chain fees, directionless chop.
In short
The on-chain fees on Bitcoin surged over the past week. We elaborate on why, its short-term implications on the market, and how this may lead to increased selling pressure from miners onwards.
Further, we explore some interesting short-term developments in the perp OI following the Monday market headwinds.
Takeaways
Three consecutive Tuesdays of BTC in the $27,000s
BTC Perp OI up 5% on Monday