Recurring market commentary on what's happening in the crypto markets, summarized by Crypto Finance AG Senior Trader Patrick Heusser.

Market commentary

Good Morning!

There was little movement in the overall market this past week. It consisted more or less of range trading, which can be called consolidation at high levels. Bigger market moves were to have been expected as there is a monthly expiry of derivatives contracts on April 30th, and open interest remained rather high throughout the entire week.

Bitcoin BTC (daily)

The range of bitcoin option strikes is between the levels of $50'000 and $54'000. For Ethereum, the range is between the levels of $2'200 and $2'700.

The overall trading volume in BTC decreased slightly, whereas the volume of Ether (ETH) increased on a daily basis towards month end. ETH also outperformed BTC by another 11.1%, and the spread ETH/BTC is currently trading at a market level of 0.05085.

Ethereum / Bitcoin ETHBTC (daily)

The fact is that for both coins the open interest in "out of the money" call options strikes remains high, which could result in bigger gamma trades and more volatility once we reach those levels.

Bitcoin lost once more against the ALT/MID/SHIT indices this week. The outperformance of the three indices (FTX Exchange) is the following:
ALT + 13.1%, MID + 9.5%, SHIT + 16.1%.

Bitcoin BTC vs. ALTPERP vs. MIDPERP vs. SHITPERP

IOTA's new network "Chrysalis" has gone live, delivering more transaction speed and better energy efficiency. Ampleforth (AMPL), the algorithmic stablecoin with a fluctuating supply, introduced a Governance Token (FORTH), which will be used to vote on upgrades and changes of protocol parameters.

Bigger news hit us when the EIB (European Investment Bank) announced that it would issue a digital bond on a public blockchain (Ethereum).

Our desk flow greatly decreased in terms of the major coins, with the overall declining volume. Due to it being month end, we are experiencing (and expect to see) bigger reshufflings of asset management portfolios.

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