All Eyes on ETH with the Merge Approaching

$BTC 24 Hour High $22,984 / Low $22,977 | $BTC -1.08% Past 24 hours; +7.3% Past 7 days

As the Ethereum merge approaches, Ethereum continues to be the focus. Open interest in Ethereum’s options takes over Bitcoin’s for the first time in history. Put/Call ratio also hit a new low of the year. Ethereum’s mining revenue surpassed Bitcoin in July, up 8% from June.

Equities, Commodities & Macro

Asia markets look to start muted. Alibaba may see the first ever quarter of decline in almost a decade this Thursday, followed by Tencent’s earnings results facing a similar fate a few days later. Yen moves higher as capitals are weighing on the tensions between China and the US.

Technical Analysis

Bitcoin (Support / Resistance at $23,000 / $24,350)

  • Nasdaq and S&P500 taking a breather, while 10Y bond yields jump to test support-turned-resistance at 2.75%. Given the still unabated high correlation to tradfi markets, Bitcoin is also deciding on where to move next.
  • We’ve tapped the top of the key resistance area once already but ultimately selling pressure pushed prices lower. Yesterday we tested the 200W MA as support and found some strength overnight. Price action since Mid June has resembled a more stable market that wants to push higher.
  • Difficult to find decent entry at this level, would prefer to wait to see if the 200W can hold. If it gets tested as resistance and successfully holds, that would be the signal to break the short term bullish trend and head back towards the low 20s.

Learn more from today’s Trader View video.

Digital Assets Market

  • Total crypto market capitalization stands at $1.1T, -2.2% from yesterday
  • $BTC is -1.05% at time of writing; 24H liquidations and funding rates: 31.74M, -0.00306%
  • $ETH is -2.08% at time of writing; 24H liquidations and funding rates: 94.88M, +0.01864%
  • Stablecoins market dominance: USDT 43.58%; USDC 35.75%; BUSD 11.75%; DAI 4.55%

Alts and DeFi watch

  • DeFi TVL: $87.60B (-0.03% over last 24 hours)
  • $SOL -7.7% in the last 24 hours, +5% in the past week
  • $SHIB -2.9% in the last 24 hours, +7.6% in the past week
  • $ADA -3.8% in the last 24 hours, +5.2% in the past week
  • $ENJ -7.1% in the last 24 hours, +8.5% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam, Kevin Lee & Charmaine Tam.

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