The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. - Price Point: Bitcoin stayed above $20,000 overnight as risk appetite among investors remains healthy.
- Market Moves: Open interest in futures with no expiration date rose to the equivalent of more than 60,000 bitcoins, but the positioning is neither bullish nor bearish.
- Chart of the Day: Bitcoin's gains this month have erased the losses that had accrued in September.
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Bitcoin (BTC) managed to remain above $20,000 overnight as risk appetite appeared to improve. The world's largest cryptocurrency by market value was up by around 1% on the day. U.S. stock futures fell after major indexes clocked in their biggest two-day point and percentage gains in more than two years. European stocks also fell. The rally in traditional markets picked up on Tuesday following the release of weaker-than-expected U.S. labor market data. Meme-based token dogecoin gained 5% on the day as Tesla CEO and dogecoin proponent Elon Musk said he will buy Twitter for the price originally agreed to. Twitter's shares surged to 22% on the news. Meanwhile, XRP rose 3%, and ether (ETH) was down slightly on the day. In the news, Fidelity's new Ethereum Index Fund will offer clients access to ether. The fund has raised about $5 million since sales started on Sept. 26, according to a filing with the U.S. Securities and Exchange Commission. The minimum investment is $50,000. Crypto lender Celsius Network co-founder and Chief Strategy Officer S. Daniel Leon resigned on Tuesday. He is the latest executive to depart the company after now-former CEO Alex Mashinsky announced his departure last week CoinDesk's Sam Reynolds reported that the move of Starry Night Capital's NFTs (non-fungible tokens) to a Gnosis Safe wallet was Three Arrows Capital's liquidators taking control of the digital assets, a filing from Teneo confirmed. Teneo is Three Arrrows' liquidator. |
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Market Moves: Open Interest in Perpetuals Rises by 60K BTC |
Bitcoin perpetuals: open interest (Arcane Reserch) |
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A new record has been reached in BTC perps as the open interest has spiked to another all-time high of 450,000 BTC, according to Arcane Research. But for bulls, the data point might be more worrisome than something to cheer about. The bitcoin-denominated open interest in perpetuals (futures with no expiry) since Oct. 1 across all platforms increased by the equivalent of more than 60,000 BTC, according to data from Arcane Research. "This shows more positioning/engagement from investors," said Florian Giovannacci, Covario's head of trading. Giovannacci notes that this isn't a sign of bullish or bearish positioning, though, and that bitcoin basis levels are a better indicator for that. "Bitcoin basis levels still remain fairly flat, making it difficult to draw directional conclusions if the basis does not move," he said.
Bitcoin's current basis levels are sitting around 0.3%, (the annualized basis for December expiry) according to data from Deribit.
"The option market is more revealing with a more bullish positioning seen in higher demand for upside strikes and a skew (difference of implied volatility between downside puts and upside calls) under pressure," Giovannacci said. |
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Biggest Gainers Biggest Losers |
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk Market Index is a broad-market index of digital assets, weighted by market capitalization. A full description of the methodology is here. |
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October Gains in Bitcoin Erase September's Loss |
Chart of bitcoin's returns since end of August show how October's gains have erased September's losses. (CoinDesk) |
Despite ample turmoil in financial markets over the past couple months, bitcoin has stayed remarkably resilient. - Bitcoin slid 2.5% in September.
- So far in October, the largest cryptocurrency has climbed 3.2%.
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Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9 a.m. U.S. Eastern time. - Nauman Sheikh, managing director, head of treasury management and derivatives trading, Wave Financial
- Summer K. Mersinger, commissioner, Commodity Futures Trading Commission
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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