$BTC 24 Hour High $55,855
$BTC 24 Hour Low $53,000
$BTC +0.38% since daily open
A large demand floor built up around the $53K level catching the Bitcoin slide during the Asian session while renewed buy interest pushed $BTC slightly over $55,800 during American trading hours. As time passed, Asia commenced the selling again, pushing $BTC to where it is now, $54,500. A period of consolidation, where $BTC trades between the $53-56K levels would seem likely given recent volatility that started late Friday. Look for consolidation to build through the week before re-entering another volatile period during the weekend.
It was reported that Coinbase experienced an ~US$800M outflow in bitcoin in US trading hours, which has further accentuated the significant drop in $BTC supply across all major exchanges – now reaching an all-time low. With more institutional and whale investment and custodying of their digital assets the scarcity of bitcoin in particular will be something to watch closely as the bulls and bears continue to tussle.
Digital assets market:
- $BTC up 0.38% on the day, support/resistance – $53,000/$56,650
- $BTC liquidations and funding: $434M, 0.040% average
- $ETH up 0.56% on the day, support/resistance – $1,655/$1,755
- $ETH liquidations and funding: $54M, 0.030% average
Alts and DeFi watch:
- DeFi TVL: $41.47B
- $UNI pumps 8% on Uniswap’s v3 announcement, before crashing more than 18% from its news generated peak
- $STORJ up more than 120%, a rise with seemingly no narrative behind it
More news that caught our eye:
- FTX has secured naming rights of the Miami-Dade arena, home of the NBA’s Miami Heat, succeeding the two decade run by American Airlines
- QBTC11, The Latin American Bitcoin ETF, looks to raise $90M in anticipation of the ETF launch
- $BTC supply on exchanges has reached an all-time low
Did you miss Michael Saylor, Meltem Demirors, Tim McCourt and all the panelists at the inaugural OSL Capital Introduction Conference? Get caught up… watch it here.
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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