OSL Daily Update - July 28, 2020 

$BTC 24 Hour High $11,298.22
$BTC 24 Hour Low $9,977.86
$BTC +12%

The attention is on alternatives with gold and digital asset markets surging past their equity peers.

Digital assets market: 

  • The overall market cap moved up 6% to 329M overnight with the bull market right now with a reversal from DeFi-related tokens to $BTC.
  • $BTC continues its hot run, reaching 10 month highs at 11,000 (since Sep 2019)
  • The action also restored $BTC’s dominance to 63% after threatening to break the 60% floor as recently as yesterday. The last time it fell below 60% was in July 2017 when it eventually dropped to its all time low to 37% (in Jan 2018). 
  • Next target will be at 11,400, with support levels at 10,800. 
  • $BTC futures saw 262M short contracts wiped out over the past 24h. Future volumes nearly tripled to 41B across aggregated exchanges yesterday. Note in the past 30 days, traded volumes only surpassed 10B four times. Aggregated open interest up +0.5B to 5B. 
  • $BCH up four consecutive days, up 10% with correlated movements to $BTC after sitting range bound between 215 and 244.  Traded volume increased by 1.5% in comparison to two weeks ago.
  • $ETH down 0.85% overnight, breaking its streak of seven consecutive days of strong performances, currently trading at 320 levels after being unable to break resistance at 340 yesterday. Technical analysis showing RSI overbought levels, trading on upper Bollinger bands.
  • ETHBTC in the past 3 days have seen a 10% decline from 0.032 to 0.029.

DeFi watch:

  • DeFi market cap for yield-farming tokens dropped to 6.8M from 7.3M yesterday (a drop of 7%)
  • Some notable DeFI movers were the drops from $COMP (down 13.5% to 134.35) and $LEND (down 9% to 0.24)
  • $LINK dropped out of the top 10, sitting at 11th with 2.7B market cap, currently at 7.17 on a downward trend challenging the next support level at 6.88. traded volumes increased by 7.9% over 24h.

News that caught our eye:

  • Silvergate’s Bitcoin-backed lending product grew 80% in the last quarter
  • Tetras Capital shuts down crypto hedge fund after 75% loss


OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti



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