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)



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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.