Weekly Market Analysis

3 min readJul 16, 2021

2021.07.10–2021.07.16

Macro environment:

The Fed’s Beige Book: The U.S. economy has further strengthened, and most people believe that inflation is not temporary and will continue to rise. The three major U.S. stock indexes were mixed. The European Central Bank will speed up the development of the digital euro.

Spot market:

Technical Analysis: BTC continues to fluctuate at a low level, pay attention to subsequent changes in direction. ETH fell slightly this week, pay attention to the support situation below.

Stablecoin: USDT repurchased slightly this week. USDT premium rate continues to be negative.

Miner: The BTC hash rate fluctuated at low levels.

Compliance agency: Grayscale Trust BTC/ETH lock-up volume remains stable this week.

Derivatives market:

BTC futures open interests increased slightly. The general basis decreased slightly. The open interest of CME BTC futures’ contract increased slightly. The trading volume was continuously sluggish. The funding rate of BTC perpetual contracts was basically negative.

BTC option open interests remained stable. All term of BTC ATM IV decreased, the medium term IV and long term IV decreased more greatly. Super short-term maturity skew decreased slightly. The differences between all term maturities skews gradually expanded.

The open interests of ETH contracts remained stable. The general basis gradual decreased, which turned from positive to negative. ETH perpetual contracts funding rate was basically negative.

Total ETH options open interest decreased slightly. Short term IV decreased slightly. Long term IV increased first and then increased, basically remaining the same. The differences between all maturities skews are gradually narrowing.

Weekly Market hot spots :

Grayscale announced that its Digital Large Cap Fund GDLC has become an SEC reporting company.