The Weekly Update - Week 31 (FULL REPORT INCLUDED)
Want to know what you're missing out on by not being a paying subscriber of Arcane Research's weekly market update? Look no further! This week we have included the full report, for free!
Want to know what you're missing out on by not being a paying subscriber of Arcane Research's weekly market update? Look no further!
This week we have included the full report, for free! Dive into the main highlights from the past week.
Highlights from this week’s report
Market Update
The strong momentum in the market continues this week, even after $1.3 billion got liquidated during the massive sell-off this weekend.
The volatility has pushed higher over the past week, leading to a massive spike in bitcoin’s trading volume.
Professional traders are back in the market after bitcoin crossed $10,000, as both Bakkt and CME see record high inflows and surge in trading activity.
Valuation
The bitcoin prices closed last week above the important $10,500 level, which could now be an important support level. Last week’s close was the highest in one year, and BTC is looking strong technically.
The funding rates of the perpetual swaps have spiked recently, as more traders seek leveraged exposure to the upside.
Blockchain Activity
Ethereum fees climb further and are currently at the highest levels since January 2018. DeFi is said to have contributed the most to the fees, but recently a Ponzi scheme has been linked to the influx in transactions on the Ethereum Network.
The activity on the Bitcoin blockchain is high but the fees are nowhere near the fees seen in late December 2017 as SegWit transactions and batching have grown in usage.