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News & Insights/Market
Weekly Market Updates – 5 June 2023

By Amber Group 06/04/2023, 3 min read time

Crypto Market

Weekly High $28,041 $1,915
Weekly Low $26,704 $1,853

BTC and ETH Market Insight

A deal has been reached by the White House and Republican leaders to lift the debt ceiling and prevent default. It would allow the US Treasury to return to the debt markets, and the issuance of this debt could be a significant liquidity drain. However, the markets now pricing a 70% chance of no hike in June, and it should counterbalance the anticipated tightening of liquidity. According to The Block’s data, the total trading volume on exchanges was $307.4 billion in May, which was a decrease of 23.2% from April. This marked the lowest level since November 2020. $BTC market was decently still and $ETH was relatively strong and brought ETH/BTC above 0.07. 

Options Market

BTC and ETH continued trading at tight ranges which pushed 7-day RV to the sub-30 zone. Short-term vega sellers stayed active even though IVs are now at historical lows - 3-month IV traded below the 40 handle for both BTC and ETH. The vol term structure looked quite identical for BTC and ETH, meaning marginal IV spread, however, ETH outperformed BTC in the past week. Skew drifted lower to neutrality for BTC and remained slightly in favor of puts for ETH. The correlation between BTC and gold picked up over the past weeks, further confirming the decoupling of equities and crypto.

Altcoins and Blockchain News

  • Arbitrum officially announced that Circle will launch native USDC on the Arbitrum chain on June 8. Arbitrum said that this version of USDC will become the official version recognized in the Arbitrum ecosystem and will eventually replace the current Ethereum-bridged version.
  • Bitcoin inscription wallet UniSat Wallet tweeted that Google Chrome store statistics show that as of June 2, the number of weekly active users of UniSat Wallet exceeded 300,000.
  • The total amount hacked from Atomic Wallet has exceeded $35 million, and one victim has lost 7.95 million USDT.
  • He Yi, the co-founder of Binance, posted that the Binance Web3 wallet is already in the testing phase and is continuing to add multi-chain functions.
  • unshETH: The hacker has decided to return the ownership of the contract. If the remaining funds are not returned within the specified time limit, law enforcement actions will be taken.
  • Lybra Finance, an omnichain stablecoin protocol, launched CR Guardian, a collateral ratio (CR) monitoring function.
  • According to L2BEAT data, zkSync Era network TVL has reached $402 million, an increase of 23.6% in the past week.
  • According to the latest data from Dune Analytics, the total transaction volume of the NFT aggregation trading market Blur's lending platform Blend has exceeded 200,000 ETH.
  • OPNX announced that the Celsius claims transaction has been officially launched. Users can now log in to Celsius and tokenize their claims.


The major indexes closed the week with solid gains: the DJIA added 0.4%, the NASDAQ added 3%, and the S&P 500 added 1.6%. The debt ceiling agreement seemed to have a limited impact on market sentiment, as enough signals had already emerged. Instead, investors have eyes back to economic data, following the news that job openings rebounded much more than expected in April. The encouraging inflation data also drives for a decrease in Treasury yields, which further favored the sentiment.




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