Crypto Market

BTC and ETH Market Insight

BTC has been fluctuating between $117k and $120k, with market momentum shifting towards ETH and altcoins. This shift has led to a $216 billion increase in the altcoin market cap over the last two weeks. On Thursday, ETH ETFs saw slightly higher inflows than BTC ETFs, pushing the ETH/BTC ratio to its highest point since February 1. According to Glassnode, investors who bought ETH in the $2,400 to $2,800 range are beginning to sell, with a significant number opting to take profits around $3,800.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Following BTC’s new all-time high last week, the market has entered a range-bound phase. Meanwhile, ETH continues to outperform, with the ETH/BTC ratio climbing to 0.032 as of this writing, driven by strengthening fundamentals. Implied volatility for BTC has cooled at the front end but increased for longer tenors. ETH maintains a 30 vol points premium over BTC for short tenors and 20 points for longer ones. BTC's options skew has shifted slightly toward puts on the front while ETH's skew remains more bullish, bolstered by growing institutional adoption.

Altcoins and Blockchain News

• NASDAQ-listed company Bit Digital plans to increase its authorized share capital to 1 billion common shares to raise funds for further acquiring ETH.

• UK plans to sell confiscated Bitcoin to cover fiscal deficit, sale size may reach $7 billion.

• JPMorgan: Capital inflow into cryptocurrency has reached $60 billion year-to-date.

• Ethereum spot ETF total net inflow of $231 million yesterday, continuous 15-day net inflow.

• Bitcoin spot ETF total net inflow of $227 million yesterday, turning net inflow after three consecutive days of outflow.

• Financial Times: JPMorgan explores collateralized loans with clients' cryptocurrency.

• FTX's next round of compensation to be executed on September 30, releasing $1.9 billion in disputed claims reserves.

• Strategy announced the increase of its perpetual preferred stock STRC issuance from $500 million to $2.521 billion.

• Pantera and others backed The Ether Machine raised $1.5 billion, to be listed and hold over 400,000 ETH.

• Shanghai announced a cross-border illegal foreign exchange case involving stablecoins, with an amount of 6.5 billion yuan.

Macro

The major indices finished the week with solid gains, with S&P 500 and the Nasdaq hitting new record highs : the DJIA added +1.3%, the S&P 500 +1.5%, and the Nasdaq +1.0%. The Chinese stocks also marked strong gains: The Shanghai Composite Index added +1.67%, the CSI 300 added +1.69% and the Hang Seng index +2.47%.