Thread by @TreehouseFi

#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.

Read more: 🧵👇

$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.

/1

#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%.

/2

#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.

/3

#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.

/4

Meanwhile, #Bitcoin’s perpetual funding rate has increased suggesting that speculators are even more #bullish in the near term.

/5

Want to read more?

1. Subscribe to our new daily newsletter here: bit.ly/CanopyCollecti…
2. RT and follow us on @TreehouseFi for our #DeFi daily
3. Join our community on Telegram t.me/treehousefi and Discord bit.ly/TreehouseDC! 🌳