OSL Daily Update - February 9, 2021 

$BTC 24 Hour High $47,550
$BTC 24 Hour Low $37,965
$BTC +21.5% 

Are digital assets (finally) considered mainstream after Tesla put its stamp of approval yesterday with its $1.5B purchase worth of $BTC (approximately 37,500 BTC)?  The purchase was accompanied by the company’s statement that it would be looking to add $BTC as a payment option for its electric vehicles. Elon Musk essentially purchased $BTC at the previous “ATH” around 40K sending it on another surge.

Digital assets market:

  • On the back of the Bitcoin run, the digital asset market cap soared to new ATH’s (at $1.32T), increasing 75% since 2021 YTD; 
  • $BTC physical volumes at 89B and $BTC futures volume nearly doubled overnight to 100B.  
  • Futures funding rates at 0.13% per 8 hours, meaning traders will need to pay 0.40% per day or 12% over a month to maintain their positions 
  • $ETH CME contracts saw 388 futures traded on its first day as ETH prices move 9% overnight to 1720 levels off 45.7B physical traded volumes
  • ETHBTC fell below 0.037 after maintaining above 0.04 for 15 days. Tesla purchasing $BTC at 40K levels could be seen as a hedge against ETHBTC at 0.04 levels in the event that $ETH pumps along with the other alts on the heels of this recent $BTC run 
  • Liquidations: saw $1.33B total open interest liquidated 


Alts and DeFi watch:

  • $BNB is riding off of Binance Smart Contract’s success as it climbed to 80 levels, up 112% year to date, and up 41% this week alone.
  • DeFi surged as well reaching 37B TVL since the whole #wallstreetbets, GME/AMC/NIO debacle, as likely TradFi players begin to dabble into the DeFi space
  • $AAVE TVL at 5.6B after moving up +47% in the month of Feb.
  • $SNX stagnant at 21 levels after moving 7% this week and 190% in 2021 YTD in retrospect to the other DeFi coins that are pumping


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



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