Market Pulse (03/10/2022)

BTC and gold’s correlation is bouncing up. Deutsche Telekom will run a validator to support ETH staking. Meta launches NFT sharing on Facebook and Instagram.

Oct 03, 2022 Market Pulse

Chart of the Week: All That Is Gold Does Not Glitter?

  • Aside from being an excellent chance to quote from Lord of The Rings, this issue’s Chart of the Week looks at BTC’s correlation with gold. BTC has been in a drawdown over the past 1-year but its correlation (rolling 90-day) with gold, the traditional inflation hedge asset, has risen over the same time frame. 
  • While this could tempt some to dust off the inflation hedge narrative, it could also be because asset class correlations tend to rise toward 1 during times of extreme market stress, as investors become indiscriminate (i.e., sell everything since cash is king).

Fund Flow Tracker

  • The aggregated exchange balance for both BTC and ETH dropped over the past week. OTC desks balance of BTC continues to hover around yearly lows.

Derivatives Pulse

  • Put-call ratio for ETH continues to drift down and is now at a yearly low. Implied vols are subdued; 1-month implied vol currently stands at 65.0% (vs. 66.5% a week ago) and 82.7% (vs. 90.9% a week ago) for BTC and ETH, respectively.

  • Perpetual futures funding rates continue to print positive for BTC. While funding rates are still negative for ETH, they have been trending up towards neutral territory since mid-Sep.

  • Asset managers’ net-long position in CME Bitcoin futures has ticked up since marking a yearly low in early-Sep 2022.

  • Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients.
  • The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional.
  • The dealer category consists of participants typically described as the “sell-side” of the market. These include large banks and dealers in securities, swaps, and other derivatives. The other reportable category consists of traders mostly using markets to hedge business risk, and includes amongst others corporate treasuries.

Price Movements

Top 5 Gainers Losers

News Highlights

Catalyst Calendar

Catalyst Calendar Economic Events
Blockchain Launch and Upgrades
Catalyst Calendar Crypto Conferences


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