Q9 Markets | De-Peg, Deep Red

  • Major cryptocurrencies fall >30%; global markets slide
  • LUNA crashes nearly 100% after TerraUSD (UST) falls to 7 cents on the dollar
  • Coinbase NFT platform attracts only 150 traders on launch day
Source: TradingView
Source: Skew
Source: FRED
Source: TradingView
Source: TradingView
  1. There is a “support level of demand” for the stablecoin and/or balancer token
  2. There’s a permanent supply of independent actors to perform price-stabilising arbitrage
  3. A market has near-perfect information to trade on
Source: Mirror Tracker
Source: Delphi Digital
  • Hawks who have been waiting for the dip have been active buyers on spot
  • Auto Invest from clients who want to get a good entry price during this downtrend
  • Yield traders look to buy the dip via Yield and monetizing the uptick in volatility, especially on the USDC (Linked ETH) product
  • BTC and ETH dropped -19.4% and -27.2% respectively on the week. At the time of writing the total market cap of crypto dropped to $1.25tn and Bitcoin’s dominance rose above 44%.
  • Among other majors, SOL dropped -45.4% this week. The darling of May, Apecoin felt the pain and posted declines of -41%
  • Realised volatility (annualised) spiked, rising above 70% for BTC and ETH
  • US Equities (SPX) declined -5.2% week-on-week as markets led by tightening monetary policy concerns
  • The US Dollar index continued to show strength posting +1.2% in gains
  • 10-year US treasury yields slipped 17bps, and the Gold & Silver index dropped -13%
  • Our client pad was skewed towards buying (1.7x buyers vs sellers)
  • Flow dominated by buyers in ETH, BTC and SOL
  • Modest sellers of AVAX, SUSHI, and EOS

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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.

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