Toggle navigation

November 16, 2021

​​$BTC 24 Hour High $66,230
$BTC 24 Hour Low $63,714
$BTC +2.0% past 24 hours; +4.3% past 7 days

$BTC and $ETH plunge despite markets remaining bullish

Good morning. When mounting funding rates meet with lower prices, it’s never a good sign for the $BTC and $ETH bulls.

After plunging to 60K, $BTC successfully reclaimed the 62K area to shake off some leverage. The price drop is due to $BTC failing to hold at 63K, and thus breaking the critical support zone from two main indicators — the upward-trending support line from October 13, as well as the 0.786 Fib retracement from Sept-low to Nov-High. Though analysts still see $BTC in a bullish phase, the overall market sentiment has cooled somewhat as the expectations of price explosions towards the end of the year are becoming deflated.  

The hype around $ETH’s price appreciation for seven straight weeks has overshadowed the fact that $ETH is trending downwards over the past five days. $ETH has been testing the lower end of the trading corridor in place since October. It’s worth noting that if we do break it, there would be a significant short-term trend reversal. $4,200 is the first critical support to hold (the middle of the 2021 trading corridor as well as the top from May 14), followed by $4,000 (the local top from September 5). Nevertheless, the short-term pullback may provide good opportunities to buy the dip for the bulls. 

Valkyrie Investments announced plans to launch Valkyrie On-Chain DeFi fund on November 22. The $100M fund will have investments linked to at least 24 assets on 13 blockchains with popular names such as $ETH, $SOL, $FTM and $AVAX in the mix. These crypto assets will be held on-chain to gain yields from lending, liquidity pools, farming and staking, as opposed to Galaxy Digital’s passively-managed DeFi fund.

Learn more from today’s Trader View video.


Digital assets market:

  • Total crypto market capitalization stands at $2.88T, -3.5% from yesterday
  • $BTC is -1.29% at time of writing; 24H liquidations and funding rates: $77.04M, +0.00890% average
  • $ETH is -1.86% at time of writing; 24H liquidations and funding rates: $42.13M, +0.00791% average
  • Stablecoins Market Cap: USDT 52.43%; USDC 24.21%; BUSD 8.96%; DAI 4.54%


Alts and DeFi watch:

  • DeFi TVL: $112.38B
  • $SOL -2.9% in the last 24 hours, -5.9% in the past week 
  • $SHIB -0.8% in the last 24 hours, -4.2% in the past week
  • $SAND -4.7% in the last 24 hours, +5.1% in the past week
  • $ENJ -3.3% in the last 24 hours, -7.0% in the past week


More news that caught our eye:

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


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.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.