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OSL Daily Update-June 2, 2021

$BTC 24 Hour High $37,831
$BTC 24 Hour Low $35,723
$BTC -1.63% past 24 hours  

Tuesday offered another day of sideways trading (range bound 5.82%) for Bitcoin with no market moving news to speak of. A fleeting chance for some gains presented itself during the middle of the day only to have the window abruptly close – bringing us back to levels we started the day on. As we’ve highlighted in the past, such consolidation coming midweek tends to set the market up for a period of volatility within a few days.、

Institutional players were making some headlines, but none created a stir more than Scott Minerd of Guggenheim Partners. The Global Chief Investment Officer who has had his level of conviction previously questioned with regards to Bitcoin (or so it seems on social media) was at it again. Having previously stated he believes $BTC should reach a valuation of $400,000, only to recently do a complete 180 degree turn and compare the crypto market to the Tulip Bubble. Today on Twitter, it was made known that Guggenheim has submitted a SEC filing that shows Minerd manages a fund for the firm that “may” seek exposure to digital assets. Of course social media are having a field day, with some speculating Minerd might be switching up so abruptly not because he thinks crypto is dead, but because he may want to grab even more exposure at lower prices. Only time will tell.

Digital assets market:

  • $BTC is down 0.1% on the day, support/resistance – $35,200/38,700
  • $BTC liquidations and funding: $114M, 0.007% average
  • $ETH is up 0.30% on the day, support/resistance – $2,520/$2,740
  • $ETH liquidations and funding: $94M, 0.015% average

Alts and DeFi watch:

More news that caught our eye:

OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes

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