October 19, 2021

​​$BTC 24 Hour High $62,794
$BTC 24 Hour Low $60,391
$BTC -0.3% past 24 hours; +7.5% past 7 days

First BTC futures ETF debuts on NTSE 

Good morning. The first BTC futures ETF in the U.S. is set to begin trading on NYSE on October 19. Despite the promising news, $BTC continued to trade sideways while building strength to break higher. $BTC’s two rapid moves lower found support from an upward-trending support line which has been in place since early October.

$62.5K is the short-term resistance the markets hope to break. Though $BTC’s Fear and Greed Index is still hovering in the “Extreme Greed” zone, this market sentiment and confidence level are required for us to push the price to new all-time highs. It’s worth noting that $BTC’s funding rates have completely disappeared, suggesting investors are closing leveraged longs in most main exchanges. This could set us up for the next move higher. 

$ETH is trading sideways and struggling to hold above $3,810 where we started the week. The $3,680 area continues to act as support, and a “double-bottom” trading structure seems to have formed. But one may only confirm this structure when $ETH moves above $3,900. ETH’s funding rates are still very wide, and a shakeout is still on the cards. #ETH might move lower than $BTC, given its price weakness and the higher use of leverage to the long side. 

ProShares will be the first in what the market hopes to be a long line of BTC-linked ETF to start trading today after receiving approval from the U.S. SEC. The fund is based on the BTC futures that is currently trading on the CME. It was a much easier regulatory hurdle to overcome as the ETF is based on the futures rather than the underlying coin itself. News of the long-awaited approval for Bitcoin ETFs culminated into a buying frenzy sending $BTC above $60K for the first time in six months last week.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.57T, -0.3% from yesterday
  • $BTC is down 0.3% at time of writing, support / resistance – 58,427 / 62,944
  • $BTC liquidations and funding: $71.19M, +0.0112% average
  • $ETH is down 0.1% at time of writing, support / resistance – 3,638 / 3,971
  • $ETH liquidations and funding: $39.1M, +0.0416% average

Alts and DeFi watch:

  • DeFi TVL: $96.29B
  • $ADA down 1.4% in the last 24 hours, down 2.1% in the past week 
  • $DOGE up 2.2% in the last 24 hours, up 5.7% in the past week
  • $DOT down 4.3% in the last 24 hours, up 19.7% in the past week
  • $LTC down 0.5% in the last 24 hours, up 3.5% 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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