0/ In today’s Delphi Daily, What $BTC Derivatives Data is Saying, Hash Rate Declines, and a Silver Lining for #Ethereum.
Check out the full analysis below! 👇
delphidigital.io/reports/what-b…
Check out the full analysis below! 👇
delphidigital.io/reports/what-b…
1/ Quick Market Update-
🔹After yesterday’s 11% decline on BTC, the Asia, London, and New York sessions all opened up to even more selling (no surprise).
🔹Today’s biggest winners were stablecoins, and biggest losers were literally everything else.
🔹After yesterday’s 11% decline on BTC, the Asia, London, and New York sessions all opened up to even more selling (no surprise).
🔹Today’s biggest winners were stablecoins, and biggest losers were literally everything else.
2/ Everything is down today, except stablecoins which have done their job with respect to holding their peg.
The @Polkadot ecosystem and meme coins were the hardest hit, but every major sector/ecosystem is down over 30% over the past week.
The @Polkadot ecosystem and meme coins were the hardest hit, but every major sector/ecosystem is down over 30% over the past week.
3/ Bitcoin futures open interest is back at the same level it was at in Jan. 2021, and so its price.
OI continues to track price, contracting with price and expanding during short periods of low volatility. Seeing OI rise on declining prices if the market is structurally bearish
OI continues to track price, contracting with price and expanding during short periods of low volatility. Seeing OI rise on declining prices if the market is structurally bearish
4/ Bitcoin options implied volatility (IV) continues to sit in the 80-100% range for contract of various durations.
We should see IV continue to inch down as long as the BTC downtrend continues. Seeing IV start to rise could be a bullish trigger.
We should see IV continue to inch down as long as the BTC downtrend continues. Seeing IV start to rise could be a bullish trigger.
5/ Bitcoin’s hash rate is down 50% from the top.
Ethereum’s hash rate decline hasn’t been as severe as Bitcoin’s, falling just 16% versus Bitcoin’s 50% over the same time period.
Ethereum’s hash rate decline hasn’t been as severe as Bitcoin’s, falling just 16% versus Bitcoin’s 50% over the same time period.
6/ Tweets of the day!
Some perspective on current price action.
Some perspective on current price action.
https://twitter.com/Darrenlautf/status/1407324033029349378
7/ Decentralization of mining power matters.
https://twitter.com/OhGodAGirl/status/1407275026974269445
9/ Get the most in-depth crypto research sent straight to your inbox. For Free!
delphidigital.io/daily/
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