October 29, 2021

​​$BTC 24 Hour High $62,393
$BTC 24 Hour Low $58,369
$BTC +3.6% past 24 hours; -2.7% past 7 days

$ETH soars to new ATH, $BTC lags

Good morning and happy Friday. The month has been exceptionally bullish, with a 55% gain from the open at one point. The market is holding its breath and pondering if $BTC’s monthly close on Sunday night / Asia Monday morning will be above 58.8K. 

$2.5B worth of options are expiring today, with a large concentration of calls striked at 60K. Chances are we may see more volatility over the next few hours as the final option writers cover their hedges, most of these should have been completed already throughout the week but stay aware. 

There is something that we need to keep an eye on. $BTC was trading in the falling corridor, with repeated attempts to break out in either direction. A sudden wick lower found resistance at $57.5K and 53K, and $BTC is still making lower highs and lower lows — a trend which needs to be broken to allow any move higher to continue. Funding rates are trending lower although we see sporadic spikes across exchanges, indicating some traders are still using leverage buying the dip.

$ETH shot up by 10% overnight, with an ATH daily close of $4,295 and just $100 away from the ATH. $ETH is gaining strength as funding rates have essentially reset across the board. The rally has been driven in the spot market, as evidenced by the continuously decreasing funding rates as the price has risen. If failing, $ETH may retreat to $3,900, followed by $3,600.

After being overtaken by $SHIB yesterday, $DOGE reclaimed the top spot as the largest market cap dog-inspired coin. The granddaddy of all dog-inspired tokens surged 30% in the past day and now sits as the 9th largest cryptocurrency by market cap. Both highly volatile coins running on the ETH 2.0 network have brought other similar meme tokens to light; namely $FLOKI INU (named after Elon Musk’s dog) which is up 176% over the past seven days and $SHIBA FLOKI, which is up a staggering 317M% over the past week.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.7T, +4.9% from yesterday
  • $BTC is -0.24% at time of writing; 24H liquidations and funding rates: $102.55M, +0.02911% average
  • $ETH is -0.41% at time of writing; 24H liquidations and funding rates: $59.93M, +0.02562% average
  • Stablecoins Market Cap: USDT 53.47%; USDC 24.71%; BUSD 9.78%; DAI 4.88%

Alts and DeFi watch:

  • DeFi TVL: $104.58B
  • $AAVE +4.0% in the last 24 hours, +7.1% in the past week 
  • $LINK +4.3% in the last 24 hours, +9.7% in the past week
  • $UNI +2.8% in the last 24 hours, -8% in the past week
  • $SHIB -17% in the last 24 hours, +133% 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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