Weekly Market Analysis

3 min readJul 23, 2021

2021.07.17–2021.07.23

Macro environment:

The IMF said it would improve its preferential loan program, or “limited sale” of its gold reserves. The three major U.S. stock indexes rose continuously. The European Central Bank maintained the three key interest rates and the scale of bond purchases unchanged, in line with market expectations.

Spot market:

Technical Analysis: BTC continues to fluctuate at a low level, pay attention to subsequent changes in direction. ETH rose after falling this week, pay attention to the continuation of the upward trend.

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 increased slightly, which turned from negative to positive; The open interest of CME BTC futures’ contract increased slightly. The trading volume increased and then decreased; The funding rate of BTC perpetual contracts was negative;

BTC option open interests increased slightly. All term of BTC ATM IV increased first and then decreased slightly, the super-short and short term fluctuated more greatly; Super short-term maturity skew increased slightly. The differences between all term maturities skews gradually shrink.

The open interests of ETH contracts remained stable. The general basis gradual increased. ETH perpetual contracts funding rate was basically negative.

Total ETH options open interest increased slightly. Short and super-short term IV increased first and then decreased slightly. Long term IV decreased slightly. The differences between all maturities skews are gradually narrowing.

Weekly Market hot spots :

Circle Releases USDC Transparency Report with 61% of Reserves in Cash and Cash Equivalents.