Nothing going on
3 min read

Nothing going on

Cryptic ball: a lot going on.

Both bitcoin and the overall crypto market are trading at the same point they were 24 hours ago. But many were scared when BTC tested $46.5k earlier today and dragged most alts down with it. For now, there was strong demand at that level and the bounce was convincing. But I feel we'll dump one more time until extreme liquidations hit the tape and funding rates turn negative on Binance - one of the few exchanges which haven't experienced negative funding this month (on BTC).

My bet is that things will get particularly eerie as New Year's eve approaches, as Friday will see a particularly high volume of options expiring and many are anticipating their rollover to be quite volatile. But after that we'll be fine - as long as BTC holds the $40k to $42k support area in case the wild swing is to the downside. As Raol Paul recently discussed, "there is a lot going on in the digital asset space but also nothing going on and that is the problem". Think long-term and have a plan for the next few days, even if that's sitting in some stablecoin!

Chart art: volatility going on.

Arcane Research shared their 2021 summary. Check it out! In this chart, they show how bitcoin became quite correlated to global equities sentiment.

Visual block: institutions going on.

Again, you should really check Arcane's 2021 summary. It's all about the dominant narratives.

Three things: crystal balls going on.

Tweet tip: influencers going on.

Oh dear.

Meme moment: holidays going on.

Did you ask Santa for some crypto?

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.