OSL Daily Update - January 5, 2021 

$BTC 24 Hour High $32,890
$BTC 24 Hour Low $32,011
$BTC +1.0% 

The digital assets market saw its first correction of the year with the market cap dropping 146B (-16%) in a span of four hours. It is currently sitting near 873B and re-approaching its ATH of 900B. 

With that, $BTC finally saw a retracement to test its new support at 28,000 during afternoon trading in Asia, rebounding back to 32,400 levels this morning over news of the OCC issuing a letter effectively allowing Fed Chartered banks to use public blockchains and use stable coins as payment.

  • $BTC saw $78B physical and 80B in futures traded over the past 24 hours, consistent levels over the past few days
  • 415M longs and 65M shorts liquidated in the past 24 hours 
  • $ETH saw significant congestion on its blockchain with its daily traded range ~$250 yesterday,  ETH gas fees reached highs of 500gwei at one point.
  • Currently trading at 1085 levels at the time of writing, up three consecutive days from high 700s and up 46% since the start of the year

Alts and DeFi watch:

  • DeFi sector was the largest beneficiary, with its TVL printing new ATHs at 18.24B
  • $AAVE up 34% after two consecutive days of strong price action from 86 to 115 levels. 
$SNX up 40% over the past three days to 11.7 levels (after being largely range- bound in 5 levels to end 2020).  
  • $LINK momentum slowed after peaking at 15.6 levels yesterday, down 2.7% today to 13.7 levels 
  • Most other top 10 major alts are seeing red today, exception being $ADA up 1.6% to 0.21 levels, up 41% since we started 2021


OSL Trader View and Weekend Digest are contributed by Stefan Chu and Santiago Nazaretti



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