August 3, 2021

​​$BTC 24 Hour High $40,570
$BTC 24 Hour Low $38,760
$BTC +0.2% past 24 hours; +6.3% past 7 days

Good morning from the OSL Trading desk. BTC is continuing its correction, entering its 4th day of downward trending prices. The broader market looks healthy; the mining hash rate is going up, suggesting miners are returning online after China implemented its ban. Wallet addresses are also creeping up, suggesting that more people are actively coming into the market to move BTC. 

It’s interesting to note that one market player has put on a large bullish bet on BTC. 4.5K worth of BTC call options has been bought, struck at USD200k with expiry on 31 December 2021. Impressive open interest on calls struck at USD100k and USD140k, but nothing quite like the bet mentioned above. 

Just before the much-anticipated London Hard Fork is taking place tomorrow, $ETH is also continuing to edge higher, completing its 13th green candle in a row, although lower highs in and around $2,660, suggesting that the momentum is struggling. Be cautious as we might be in the middle of a ‘buy the rumour, sell the fact’ run.

Wells Fargo became the latest traditionally conservative bank to offer Crypto exposure to its high net worth clients. The bank’s private wealth arm has about $2T under management and has been reportedly looking for a “professionally managed solution” since May. Wells Fargo’s view is the large and growing crypto market cap not only lends it legitimacy but its evolution and maturation of its development make it a viable alternative asset class.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.67T, +1.0% from yesterday
  • $BTC is up 1.4% at time of writing, support / resistance – 38,765/ 40,236
  • $BTC liquidations and funding: $150.17M, 0.0006% average
  • $ETH is up 0.5% at time of writing, support / resistance – 2,489/ 2,699
  • $ETH liquidations and funding: $41.22M, -0.0016% average

Alts and DeFi watch:

  • DeFi TVL: $70.84B
  • $DOGE down 0.68% in the last 24 hours, up ~0.33% in the past week 
  • $UNI up 3.20% in the last 24 hours, up ~21.06% in the past week
  • $SOL down 1.91% in the last 24 hours, up ~17m.13% in the past week
  • $ADA down 0.1% in the last 24 hours, up ~4.20% in the past week

More news that caught our eye:

OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.

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