Weekly Price Movements:

BTC-PERP: -1.17% | ETH-PERP: -3.82%

ALT: -3.56% | MID: -3.14% | SHIT: -2.94%

BVOL: -10.77% | iBVOL: +11.1%

HASH: +0.47%

FTT: 2.94% | FTT/BTC: 3.99%

Jun 14 00:00 - Jun 21 00:00 UTC

DEFI-PERP: 23.94%

Jun 18 23:42 - Jun 21 00:00 UTC

COMP-PERP: +66.7%

Jun 19 02:34 - Jun 21 00:00 UTC

CUSDT: +0.075%


Commentary

  • BTC has maintained its SPX correlation, in addition to exhibiting momentum on top of that (i.e. when SPX moves in some direction, BTC has tended to move in that same direction but often moving more). A number of things can cause this, but it’s likely that liquidations of high-leverage positions are involved.

  • Compound (COMP) experienced a frenzied rally and more than quadrupled its market cap since Monday to around $900 million as the market has reacted to the new yield-harvesting opportunities they’ve created, surpassing MakerDAO (MKR) to become the top DeFi token by market capitalization. COMP-PERP has been trading at a very large discount vs. its spot. DeFi has remained very hot, and there will likely be continued extreme volatility in this product going forward.

  • Options and quarterly futures expiration is coming up on June 26, and options open interest is quite high. There’s not exactly a directional expectation there, but there is a good chance for increased volatility in the days ahead.


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