BTC: it was the best of coins… it was the worst of coins

  • 19 millionth Bitcoin mined this week
  • Mexico, Honduras, and Madeira lay out plans for Bitcoin adoption
  • Crypto markets fared well compared to global risk assets sell off
  • BTC & ETH saw a pullback posting declines of -4.5% & -1.5% respectively on the week (8am). The total market cap of the crypto market continued to stay above $2tln mark and Bitcoin dominance hovered around 41%
  • Among other majors, both SOL dropped -3.2%, among dex coins SUSHI plummeted -17.1% this week
  • While crypto options markets saw an uptick in implied volatility the annualized realised volatility in crypto markets failed to spike, 67% for BTC and 80% for ETH this week
  • Global markets continue to see risk off as investors digest the plan laid out by Fed to reduce their balance sheet by $1 trillion an year in efforts to fight red hot inflation
  • The US Dollar index rose +1.5% while the Oil futures dropped -1.2% and the SPX fell -1.1%, fall in stocks led by tech names
  • Bond market priced in expectations of a faster policy tightening by Fed, 10 year US treasury yields touched 3 year highs as they jumped 32bps this week
  • Two way flow on client pad slightly skewed towards clients buying (1.4x buyers vs sellers) during last week
  • ETH buyers and sellers in BTC & SOL were the major drivers of our client flow last week
  • We also saw sellers in FTM on modest volumes, we recently added it on spot trading offering (chat only)

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Q9 Capital

Q9 Capital

Buy, sell, and store digital assets with ease. Invest with the trust of an established financial services provider with 40 years of group history.