OSL Daily Update-May 27, 2021

$BTC 24 Hour High $40,900
$BTC 24 Hour Low $37,327
$BTC -3.20% past 24 hours 

Bitcoin raced out of the gates at the opening yesterday only to erase those early gains (~7%) as the day wore on, falling towards the $35,700 level. With no market-moving news today and a disappointing lack of follow through on the break of local highs, $BTC has been kept on a relatively tight range, under its resistance. 

Although the mid-week is looking rather lackluster, Friday holds a couple of relevant market events to be on the lookout for: 

  • Deribit options expiry – where almost $2 billion in notional is set to expire, with $50,000 being the max pain price; and 
  • Arbitrum, Off Chain Labs scaling solution for Ethereum, is set to launch this Friday. The solution will help Ethereum’s throughput and lower its gas fees immensely. 

Digital assets market:

  • $BTC is down 3.39% on the day, support/resistance – $35,300/40,800
  • $BTC liquidations and funding: $148M, -0.01% average
  • $ETH is down 6.31% on the day, support/resistance – $2,560/$3,000
  • $ETH liquidations and funding: $129M, -0.023% average

Alts and DeFi watch:

  • DeFi TVL: $63.69 billion
  • Arbitrum, an Ethereum scaler to launch this Friday
  • $TRB peaked 50% during the day
  • $SUSHI down 12% on the day
  • $IOTA down 11% on the day

More news that caught our eye:

OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes

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