TI Weekly Options: MarketOne Billion Dollar Inflows, Market Bull Again
In the last week of October, Bitcoin and Ethereum both broke new highs, and the cryptocurrency market became lively again. In the third quarter of 2021, the world's major assets are in a significant weakness, but Bitcoin has achieved a 25% increase. The macroeconomic environment does not seem to be worth mentioning in the face of strong growth. Investors should be reminded that as of the time of posting, the current round of market trends is very healthy.
Summarizing the data of last week 's market, we find that:
- The current market is led by Bitcoin and has shown a trend of expansion
- Bitcoin option skew rises, call option premium is sufficient
- 1.4 billion U.S. dollars flowed into cryptocurrency funds last week, almost all Bitcoin
Bitcoin
The spot price of Bitcoin broke through $65,000 and hit a record high. The options market has responded adequately to all-time highs. Some investors sold their short positions. At the same time, we can see that positions are approaching from the long-term to the short-term. Market sentiment has gradually strengthened.
Judging from the options market the Bitcoin options market shows very optimistic sentiment. The implied volatility has not changed much, and investors do not disagree with the market. At the same time, Skew is relatively high, meanwhile, the premium of call options is higher than put options. Investors are optimistic about the future.
Econometrics analysts released a set of very interesting data, the current cumulative trend of Bitcoin is very stable. Depending on the current market situation, the buying force is from block traders. At the same time, the lower funding rate also confirms this fact. Econometrics analysts believe that the current market is more similar to the third quarter of 2020, which is the starting point of this bull market.
Ethereum
Ethereum also made considerable gains this week, with its spot price approaching $4,400. Through the analysis of the pledge data on the chain, the pledge amount of Ethereum far exceeds the level of May this year, so the current currency price rise has a relatively solid foundation. Unlike Bitcoin, the allocation of options contracts in the current market is more concentrated in March and June 2022, that is to say, the current market is still led by Bitcoin.
Judging from the option market data, the trend of Ethereum is very stable, and the skewness continues to maintain a positive value. Recently, the discussion of DeFi 2.0 has gradually become lively. Application developers have proposed different innovations about on-chain applications. Applications such as OHM and Spell have attracted the attention of many investors. Such innovations have opened up our imagination for on-chain innovation.
Conclusion
According to Coinshares data, the digital asset fund reached an inflow of US$1.4 billion last week. The total inflow of Bitcoin last week was US$1.45 billion. The record inflow is a direct result of the US Securities and Exchange Commission's approval of Bitcoin ETF investment futures and the subsequent listing of two Bitcoin investment products, with a total inflow of US$1.24 billion. The current market is very similar to the third quarter of last year.
Options
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