Market Pulse (19/09/2022)

ETH’s The Merge was completed. ETH is down 13.5% since The Merge; BTC is outperforming. U.S. Aug inflation at +8.3% YoY, higher than expected.

Sep 19, 2022
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Chart of the Week: The Merge…Crickets

  • Ethereum’s The Merge, one of the most anticipated events in the cryptosphere, was completed on 15 September. From a ETH price performance perspective however, it has been rather underwhelming, as ETH has dropped 13.5% since The Merge. Perhaps the prior substantial price surge since the June lows indeed made it a sell the news event? 
  • Also, macro headwinds are perhaps proving difficult to overcome, with a higher than expected August U.S. CPI print (+8.3% YoY) last week and the upcoming Fed rates decision on 21 September. Read our recent Alpha Navigator report for more analysis. Market Pulse Since The Merge: BTC outperforming ETH

Fund Flow Tracker

  • The aggregated exchange balance for ETH spiked over the past week and marked the highest level since July 2022. Market Pulse BTC ETH Aggregated Exchange Balances Market Pulse BTC OTC Desks Balance and Spot Price

Derivatives Pulse

  • Implied vols for both BTC and ETH dropped during the past week. 1-month implied vol currently stands at 63.9% (vs. 69.0% a week ago) and 92.3% (vs. 104.2% a week ago) for BTC and ETH, respectively. Market Pulse BTC Options Atm Implied Vol Market Pulse ETH Options Atm Implied Vol Market Pulse Options Open Interest Put-Call Ratios Market Pulse BTC Options 25 Delta Skew Market Pulse Eth Options 25 Delta Skew 2
  • ETH perpetual futures funding rates showed a positive print after a month-long streak of being in negative territory. Market Pulse ETH Perpetual Futures Market Pulse BTC Spot Price 2
  • Leveraged traders’ net-short position in CME Bitcoin futures continues to reduce and mark new YTD lows. Market Pulse CME Bitcoin Futures Net Position
  • 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

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News Highlights

Catalyst Calendar

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