When is week 43 in the calendar




















After reaching all-time highs last week, Bitcoin is showing slight signs of exhaustion, with a slight spike in the ratio. FTX used to primarily be known for its innovative leveraged derivatives products, which attracted a more niche user base.

But over the past year, the exchange has become one of the dominant spot exchanges. This growth places FTX on track to become a major global competitor to exchanges such as Binance and Coinbase.

While cryptocurrency market infrastructure has drastically improved over the years, markets still occasionally suffer technical glitches. This reportedly occurred due to a bug in the trading algorithm of a large institutional investor. The flash crash resulted in an almost complete decimation of market depth during and immediately following the crash.

Market depth recovered relatively quickly but remained well below its pre-crash levels throughout the day as market makers readjusted their positions and reduced their presence on the order book. The liquidity crunch and extreme volatility on Binance. US rippled throughout other Bitcoin markets, demonstrating how an exchange-specific glitch is never an isolated event. Funding rates for Bitcoin perpetual futures spiked to a 6-month high last week as Bitcoin broke all-time highs.

Funding rates on Bybit, a predominantly retail exchange, underwent the most dramatic spike which has historically been a sign that markets are overheating. The funding rate is the mechanism that pegs the perpetual futures price to the spot price. When investors are bullish on an asset, they accumulate long perpetual futures positions which can cause the contract to trade at a premium to spot prices. Funding rates will turn positive, signifying that long holders need to pay shorts, which should incentivize shorting and an eventual convergence between the perpetual futures contract and the underlying spot.

High funding rates often precede a price reversal and over the weekend we saw Bitcoin give up its gains and close the week in the red. As more U. ETFs get approved, we will likely see a dispersion in volume across several products, rather than just one.

Despite the record levels of interest for the U. Contango occurs when the futures price of an asset is higher than the spot price.

Unlike spot-based ETFs which invests in physical Bitcoin, a futures-based ETF invests in futures contracts and needs to regularly renew or roll the forward contracts it holds. In contango, the longer future contracts are more expensive than the expiring futures which translate into additional costs known as contango bleed.

Essentially, investors pay a premium for exposure to Bitcoin, but in exchange get the familiarity of a regulated ETF without direct exposure. We observe that these futures-based ETFs have significantly underperformed spot WTI despite differences in operating structure and investment strategies. We observe that its correlation with industrial copper and oil has been increasing since September. Both oil and copper rose over the past few weeks boosted by growing demand and record low inventories.

According to a recent analysis by JPMorgan Chase, the perception of Bitcoin as a better inflation hedge than gold has been driving the recent price rally, rather than ETF euphoria. The CVJ editorial staff consists of a team of Blockchain experts and informs daily and independently about the most exciting news.

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