OSL Daily Update - April 8, 2021 

$BTC 24 Hour High $58,720
$BTC 24 Hour Low $55,536
$BTC -3.93% in past 24 hours  

Overleveraged and overconfident, the crypto market tumbled today, losing USD$140 billion in market capitalization (more than a 7% drop for the day). $BTC and $ETH look to be caught in between a rock and a hard place as both are now below key support levels.  Sellers have not to this point followed up on the down side,, so further consolidation could signal where real conviction may lead us.

Some interesting news to start the day includes a reported record  USD$4.5 billion dollars of inflow into crypto related investment products for Q1 2021, up 11% vs Q4 2020. The maturing of the industry is one reason we’ve seen a new record minted this quarter. Another record, or at least one that should be a record, is that of Bitcoin miners earning a total of over USD$50 million per day for the past month. It’s worth noting miners are still pulling this level of revenue, even after the halvening. It is really impressive when compared to a year ago when miner revenues were only ~$12 million per day. 

Digital assets market:

  • $BTC down ~3% on the day, support/resistance - $55,600/$57,000
  • $BTC liquidations and funding: $604M, 0.037% average
  • $ETH down 6.07% on the day, support/resistance - $1,930/$2,025
  • $ETH liquidations and funding: $275M, 0.024% average

 
Alts and DeFi watch:

  • DeFi TVL: $46.64B
  • $ENJ is up more than 37% after its listing debut today on Coinbase Pro
  • $XRP down more than 20% on the day after its huge rise of 80% since Monday

 
More news that caught our eye:

  • Kimchi premium drops heavily within hours
  • Dampening some of the excitement around recent ETF applications, CFRA Research thinks the SEC will only approve a Bitcoin ETF within the next year or two
  • McDonalds teases NFT project

 

OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes

 


 

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