November 2, 2021

​​$BTC 24 Hour High $62,508
$BTC 24 Hour Low $59,824
$BTC -0.5% past 24 hours; -3.4% past 7 days

Altcoins continue to pump and attract liquidity

Good morning. While various niche altcoins continue to pump and attract liquidity, $BTC and $ETH are likely to continue trading sideways until there is a disinterest in smaller altcoins.

$BTC has traded in a downward-trending channel, which we broke out of at the end of last week. Since then, we have seen a range-bound price action between 60K-62.5K. We see $BTC’s price consolidation above 60K as a good sign, creating a good fundamental basis for it to move higher. With high funding rates, there is a continued risk of a slight pullback.  

While $ETH is trading sideways, its funding rates are dropping nicely, resetting the market and preparing for the next move higher. Similar to $BTC, $ETH’s trading volumes fell slightly due to growing interest in smaller altcoins. For $ETH to climb higher, we need to break into the upward-trending trading corridor in place since the beginning of October. $ETH is finding support at $4,200, the area where the previous ATH daily close was.

CoinShares’ latest report detailed how institutions are shifting the way they allocate capital to cryptocurrencies. The influx of capital was brought about through the listing of BTC futures ETFs in the U.S. has now petered out. An increase in flows into $ETH and $SOL after three weeks of consecutive outflows is also revealed. $ETH saw $16.6M in inflows whereas $SOL witnessed $14.7M, compared to $8M in inflows last week.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.77T, +0.8% from yesterday
  • $BTC is -0.1% at time of writing; 24H liquidations and funding rates: $58.14M, +0.0058% average
  • $ETH is +0.2% at time of writing; 24H liquidations and funding rates: $32.06M, +0.0079% average
  • Stablecoins Market Cap: USDT 52.71%; USDC 24.60%; BUSD 10.14%; DAI 4.80%

Digital assets market:

  • DeFi TVL: $101.46B
  • $DOT +17.1% in the last 24 hours, +12.4% in the past week 
  • $LINK +5.4% in the last 24 hours, -2.7% in the past week
  • $THETA +2.1% in the last 24 hours, +8.0% in the past week
  • $MANA +6.1% in the last 24 hours, +277.4% 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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