Crypto |
BTC |
ETH |
Weekly High |
$26,792 | $1,650 |
Weekly Low |
$25,023 | $1,540 |
US CPI increased for the second month in a row. 3.7% was not seen as alarming, and investors expected the Fed to leave rates unchanged in its September meeting. The BTC price continued to be stuck in this broad 25k/30k range with the move higher in USD and yields. According to data from Glassnode, long-term holders possessed around 2.9M BTC, while only 2.3M Bitcoin remained on exchanges. The decline in Bitcoin's share on exchanges may indicate a growing confidence among investors in its potential for long-term growth or a response to the temporary fluctuations in the market.
The short-term outlook for BTC and ETH is choppy, with modest gains that are short-lived and a lack of follow-through on the downside. Realized volatility has returned to mid-20s, and short-term implied volatilities have slightly increased. The BTC term structure has moved higher across the curve, while ETH's lagged behind. The ETH/BTC volatility spread narrowed down a little and long-term skew remains bullish for both BTC and ETH, with ETH showing a call premium in the long end. The options market's consistent put skew may indicate waning bearish momentum.
The major benchmarks finished mixed last week: the DJIA added +0.1%, the S&P lost -0.2%, and the NASDAQ -0.4%. WTI oil price rose above $90 for the first time since November 2022, boosting the value stocks. The consumer price index (CPI) rose 0.6% for August but was in line with the expectations.
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Amber Group