OSL Daily Update – March 25, 2021

$BTC 24 Hour High $57,209
$BTC 24 Hour Low $51,673
$BTC +0.5% since daily open

ETFs have supplanted NFTs as the flavor du jour.  On the heels of ETF launches in Canada in late February, Brazil’s QR Capital $BTC ETF was announced earlier this week starting a cascade of news in the space – especially with US players trying to play catch up and address the massive demand for simple and safe channels to enter the asset class. A few days after it was reported VanEck had filed its application to launch a bitcoin ETF,  banking giant Goldman Sachs filed for an ETF of its own that will allow it to invest in $BTC, indirectly, “through an investment in a grantor trust.” Another asset manager that’s familiar with the space, Fidelity Investments, has filed for a $BTC ETF as well. The race to be first in the US market is certainly intensifying especially in light of BTCC’s run in Canada (the first of several launches) which eclipsed $1B in AUM in early March – dwarfing its peers. 

While the momentum continues to be positive the week has not been absent of detractors with Deutsche Bank releasing a report on a recent survey it conducted with investors that offered a much more bearish long term view.  According to the report, 69% of the 520 market professionals interviewed think $BTC will fall by half within 12 months.  

Regarding price action, Elon Musk announced Tesla will now accept bitcoin for their automobile purchases in the US, creating a 4% mark up over the course of 6 hours, before dropping more than 9.6% from its Elon-sparked rally. 

Digital assets market:

  • $BTC up 0.50% on the day, support/resistance – $50,800/$55,500
  • $BTC liquidations and funding: $850.97M, 0.009% average
  • $ETH down 0.11% on the day, support/resistance – $1,510/$1,650
  • $ETH liquidations and funding: $267.59M, 0.007% average

Alts and DeFi watch:

  • DeFi TVL: $41.18B
  • $UNI down more than 30% since its upgrade announcement yesterday
  • $DOT down more than 24% during this Bitcoin slide
  • Altcoin market cap falls to levels not seen since the beginning of March.

More news that caught our eye:

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

OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on TwitterLinkedinFacebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.