Weekly Market Analysis

4 min readNov 1, 2021

2021.10.23–2021.10.29

SUMMARY

Macro environment:

•President Biden to Announce Framework for $1.75 Trillion Spending Pla; Three major stock indices continue to reach new highs; The initial GDP in Q3 has dropped down sharply compare to last seaso.

Spot market:

•Market Overview: Overall cryptocurrency market capitalization stood at $2.589 trillion, down 0.77% from the previous last week.

•Technical analysis: BTC is volatile and prices are under pressure but not much down overall. ETH hits another ATH as uptrend continues.

•Stablecoin and Capital flow: USDT issue volume increased slighttly this week. USDT premiums upward continuously, BTC balance in exchanges’ wallets outflowed slightly, ETH outflowed slightly.

•Miner: The BTC hash rate increased slightly.

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

Derivatives market:

•BTC futures open interest and basis roughly kept the same level as last week. BTC perpetual contract funding rates remain positive. BTC-compliant market futures contracts saw a sharp drop and a following callback in both open interest and volume.

•BTC options open interests kept steady. BTC long-term and ultra-long-term options IV kept steady, while short-term and ultra-short-term options IV fluctuated back and forth. The skew of BTC long-term options is up while short-term options under resistance.

•ETH contract open interest kept steady, with basis had a slight increase. ETH perpetual contract funding rates were largely positive except Huobi.

•ETH options open interests rose again after a short pause. ETH short-term options IV slightly dropped, with interval became wider. The skew of ETH options had no significant changes most of the time.

Weekly Market hot spots :