#DeFi Daily 10/03/22
$BTC saw a breakout yesterday during Asian trading hours. Price cleanly broke above the $39.5k resistance line, while the hourly RSI moved into overbought levels, revealing a renewed short term #bullish momentum.
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$ETH had a similar move yesterday as it broke out of its inverted head and shoulders pattern. Looking at the daily time frame, ETH is forming a wedge pattern where the level to break above would be around the $2.85k level.
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#DeFiTVL rose about 10bn overnight to 204.5bn currently. This was again led by @terra_money and @wavesprotocol, with TVLs sitting at 26.4bn and 2.4bn respectively. #Terra’s #TVL has grown by 12.2% over the past 7 days while #Waves has grown by 48.5%.
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#OnChainData #Ethereum gas fees have reached a 6-month low, hinting that on-chain activity is now more muted as users stay sidelined.
Also, $BTC SOPR (Spent Output Profit Ratio) is currently hovering just above 1, suggesting users are selling their BTC at breakeven.
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#DeFiDerivatives $BTC’s 3-month annualized #futures basis continues to fall while the #spot price rises. Since July 2021, the futures’ basis and price have been tightly coordinated, thus the current movement represents a marked divergence and is worth continued monitoring.
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Meanwhile, #Bitcoin’s perpetual funding rate has increased suggesting that speculators are even more #bullish in the near term.
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