OSL Daily Update - February 9, 2021
$BTC 24 Hour High $47,550
$BTC 24 Hour Low $37,965
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
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world's largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL's relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.