Analytical review. Weekly 25.10.2021

The past week was truly epic since an absolute record was set: the total cryptocurrency market capitalization was $2.7T! At the moment, the indicator is at the mark of $2.6T.

This was mostly due to the new all-time-high of BTC, which reached a record level of 67,000, having grown by 12.5% since the beginning of the week. The most important driver of this was the approval of two Bitcoin futures ETFs in a row: ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF).

ETH also reached its all-time high at the mark of 4355. The second cryptocurrency is currently trading at around 4200.

After a slight correction of the BTC price, the outflow from the exchanges increased, which may be due to the so-called “additional purchase on a drawdown”. ETH withdrawals have also more than doubled. Obviously, holders are waiting for new price records.

The dynamics of the balance replenishment of exchanges with stablecoins is still in the negative zone, and the USDC showed a much more significant drop in relative terms during the week.

The volume of open interest in BTC and ETH futures has broken another record. ETF futures did their part as expected. At the moment, the values have stabilized slightly below the new record levels.

Cryptocurrency trading platform Bakkt surveyed over 2,000 American citizens to find out why crypto investors came to the digital asset industry and what are the biggest challenges they face. It also found out which age groups feel the most confident about such investments. In general, the survey showed that those who invest in cryptocurrency are:

- 40% of respondents aged 18 to 29

- 29% between the ages of 30 and 44

- 27% between the ages of 45 and 60

Many media outlets, referring to the directive of the Chinese government, report that it has begun to collect public opinion regarding the ban of cryptocurrency mining. The Block insists that this is partly a misinterpretation. According to the analysts of the publication, the Catalog for guiding the restructuring of the industry, the next edition of which involves only one change, namely the exclusion of cryptocurrency mining, provides for the possibility of filing objections to one or another change. However, in practice, this does not affect the decision-making process sanctioned by the party.

The Financial Action Task Force on Money Laundering (FATF) finalized its guidance on cryptocurrencies during another plenary session. The final release is scheduled for the next week.

The Houston Firefighters’ Relief and Retirement Fund (HFRRF), a retirement fund for Houston firefighters, has announced the acquisition of BTC and ETH for its portfolio. This investment is the first announced digital asset investment by the US government pension fund with the assistance of NYDIG, a leading bitcoin company.

Open interest in BTC futures on the Chicago Mercantile Exchange has reached a new all-time high of $ 5.4B (+ 265% since September). At the heart of this intense growth is the launch of the #BITO and #BTF futures ETFs.

The trading volume for options with an expiration date at the end of October increased by 13.9% and was 51 671 BTC. The most popular level in terms of trading volume was Call at the level of 50 000.

For options with an expiration date in December 2021, the open interest rate increased by 7.1% and was 82 882 BTC. The Max Pain price has shifted to 42 000.

The growth rate of open interest for March options decreased significantly and was 9.7% (against 26.5% during the last week) and reached 18 428 BTC. The trading volume for Call options at around 50 000 exceeded that for Put options, otherwise the growth was carried out evenly.

At global levels, total activity rose by only 3.1% to 206 789 BTC. The gap between Call and Put options has slightly narrowed.

For short-term options with the expiration date of October 29, 2021, the trading volume increased by 14.1%, which is almost double the result of the previous week. The increase in the trading volume for Put options more than doubled that for Call options.

For options with the expiration date on December 31, the trading dynamics remain relatively low, the level of open interest increased by only 5.6% and was 541 927 ETH. The gain was evenly distributed between the Call and Put options (the volume of the former is exactly twice the volume of the latter, which indicates a “bullish” vision of the fourth quarter by traders).

Trading in options with an expiration date following the results of the first quarter of 2022 was even more active this week and increased by 25.6% to the level of 256 261 ETH. A significant increase was observed at the level of 15 000 for Call options.

As for the level of general interest, it increased by 8.8% and was 1 425 020 ETH. The trading volume for Call options was higher compared to Put than last week.

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