What Happened on April. 19th | Ape now? Or FOMO Later. Several Indicators about the Current Market
Open interest represents the number of outstanding futures contracts held by traders that have not been offset or closed. Generally, higher levels of open interest correlate with risk-on market sentiment and high liquidity.
Aggregate open interest on BTC futures surpassed the pre-FTX. Seeing open interest rebuild and liquidity improve is a sign of improving market conditions.
Active total daily addresses across major smart contract blockchains has held steady at 2 million – a feat not seen since the end of the bull market in January 2022 – and has increased by 77% since bottoming in late August.
Smart money crypto participants have been increasing their net crypto exposure since the depths of the FTX crisis and have shown no signs of slowing down. On-chain smart money stable exposure has reached its lowest point since the collapse of Terra-Luna in early May 2022, with these high-profit actors holding an average of 15% of their portfolios in stablecoins. Smart money still has a considerable amount of firepower remaining before reaching bull market lows of sub 5% allocations.
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Hong Kong Court Declares Crypto Assets Are Property and Can Be Held on Trust: The confirmation that holdings of cryptocurrencies constitute "property" that is on a par with other intangible assets such as stocks and shares, brings Hong Kong into line with other common law jurisdictions whose courts have already decided the issue.
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