Since BTC is doing its thing and banging against the $50k resistance, I thought we would take a look at the exchange tokens and see what they have been doing since last week’s report.
I have changed the scale to an index for each token. This makes comparing them a bit easier. Here’s the ranking:
– DYDX +113%
– BNB +5%
– UNI flat
– OKEX & LEO -4%
– FTX -17%
– SUSHI -18%
– HUOBI -44%
I am surprised to see that HUOBI is not recovering, and also that UNI and SUSHI are not performing better (compared to DYDX).
An observation also worth mentioning is related to the BTC and ETH term structure (futures). For some reason, the backdated futures are trading lower on an annualised % basis. Huobi futures are the leaders in that sense, but this might be due to the fact that they are deboarding clients, and they might be needing to close out positions to move them to another exchange. But even the CME futures look cheap in the March 2022 area. Maybe traders do not believe in a breakthrough to the $50k level.
Order books are well populated on the offer side. However, having said that, in the event that we break $50k, it could spark some fireworks (yes, I know… I have not said anything remotely close to this for a long time now).Weiterlesen