Weekly Price Movements:

BTC-PERP: -5.10%| premium + 0.10% | quarterly premium -0.40%

BULL: -15% | BEAR: +13% | HEDGE: +4.60% | HALF: -2.50%

ALT: -0.30% | MID: +2.36% | SHIT: +10.8%

BVOL: -10.20% | iBVOL: +10.20%

HASH: +4.80%

FTT: -4.10% | FTT/BTC: +1%


BTC nearly reached $10k this week but ended closer to $9k, once again seeing resistance around the fifth digit. Altcoins resisted the drop however, which seemed more specific to bitcoin’s reaction to the halving than to overall market sentiment. Correlation with the S&P was lower this week than during more COVID-driven moves.

Volatility, while still high, was down slightly from the halving peak and BTC settled into the 9k range.

Hashrate futures saw a ton of volatility; they opened trading around $16, reached $21 or so, fell back to $18, and then back into the $20s. There seems to be a fight going on between two one that sees a long-term trend of increasing hashrate, and the other anticipating a drop from the halving of the mining reward.

Fun Facts

Over time, FTX’s user base has grown more diverse. Here’s a ranking of (anonymized) regions by revenue; the units are arbitrary. I was surprised at how flat the distribution was!



  1. FTX US is live!
  2. It’s our 1-year anniversary month; we’ve written a series of blog posts
  3. Our new mobile app is live!
  4. FTX launched hashrate futures

Sam Bankman-Fried