Market Pulse – Weekly Market Insights Newsletter (25/04/2022)

ETH options put-call ratio rising. Commerzbank applies for crypto custody licence. Australia launches its first spot crypto ETF.

Apr 25, 2022
Market Pulse Yoyo

Chart of the Week: A Tale of Two Put-Call Ratios

The open interest put-call ratios of BTC and ETH options are telling diverging stories:
After forming yearly lows in early January, put-call ratios for both BTC and ETH trended up until February when their paths started to diverge, with BTC’s dropping and ETH’s continuing to rise. The ETH put-call ratio has stayed above BTC’s for the past one month, the longest period it has done so during the past year.

ETH has outperformed BTC by 11.7% over the last three months (ETH +17.1% vs BTC +5.4%), on the back of the altcoin run up and anticipated ETH 2.0 upgrade catalyst. With further delays having been announced to the upgrade, the divergence in the put-call ratios trend could be indicating sentiment shift as investors look to increasingly hedge their ETH exposure.

Fund Flow Tracker

BTC and ETH balances held at exchanges continue their free fall as flows remain net negative (i.e. net outflow).
The past week saw 18.8K and 504.4K of net outflows for BTC and ETH respectively. While this could be interpreted as a bullish indicator, potentially implying strong investor inclination to hold, regulatory risk for exchanges may also be having an impact.

However, BTC balance held on OTC desks, after largely following the downtrend on the exchanges, saw a rebound after reaching a yearly low in mid-April. 

Derivatives Pulse

BTC options ATM implied volatilities remain muted and near yearly lows.
Front-end implied volatility (one-month) currently stands at 55.5%, compared to 55.4% last week.

Implied volatilities for ETH are also muted and near yearly lows. Front-end implied volatility (one-month) for ETH currently stands at 60.5% compared to 59.3% last week.

BTC perpetual futures funding rates have flashed red (i.e. negative) during the past two weeks, although the overall regime remains in positive territory over the longer term.

Negative funding rates printed at a higher frequency during the past two weeks for ETH perpetual futures than for BTC, although the overall longer-term remains in positive territory as well.

Price Movements

Image 29
Image 30

News Highlights

Catalyst Calendar

Image 39
Image 38
Image 33


The information in this report is provided as general market commentary by and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction where such distribution or use would be contrary to applicable law or that would subject and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing on this report are registered trademarks of their respective owners.



crypto research



Market Insights

Market Pulse

Share with Friends

Ready to start your crypto journey?

Get your step-by-step guide to setting up an account with

By clicking the Get Started button you acknowledge having read the Privacy Notice of where we explain how we use and protect your personal data.
Mobile phone screen displaying total balance with App

Common Keywords: 

Ethereum / Dogecoin / Dapp / Tokens