Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.

Market commentary

Good Morning!

Last week was choppy. On Monday, Bitcoin (BTC) started the week at 31'000 USD. On Tuesday, the price fell to around 29'000 USD. At that point, the annualised monthly futures basis slipped rapidly into negative territory (CME -3%, Deribit -5% p.a.). This was also the turning point.

Bitcoin BTC (daily)

Since Tuesday, the market has been rising with strong momentum. Bitcoin is trading at 38'400 USD (+21%), Ethereum (ETH) at 2'350 (+16%), the MID Index +19%, and the SHIT Index +20%.

Ethereum ETH (daily)

Looking at the monthly basis, it has risen strongly since Tuesday (Deribit 5% and CME 0.88% p.a.). What is interesting here is the difference between Deribit and CME. On Tuesday, this difference was -2%, and now it is +4%. On the one hand, this indicates a build up of levered long positions, and, on the other hand, some market participants probably had to chase the delta due to short gamma positions.

Events this week

July 29th:

FED FOMC

July 30th:

Futures expiries (several exchanges)
Options expiries Deribit (BTC OI 37.8k BTC; ETH OI 292k ETH)

Happy trading!

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