AscendEX Sunday Briefing (1.21-1.28)
AscendEX Sunday Briefing (1.21-1.28)

AscendEX Sunday Briefing (1.21-1.28)

Something to remember: 

“There is a time to go long, a time to go short and a time to go fishing.”

 

The Week Ahead

What’s driving markets?

  • Coming to terms with disappointing first-week price action in a world with Bitcoin spot ETFs, the market trickled down 1.5% as centralized exchange volume experienced a nearly 40% drop while BTC dominance remained stable. 

  • As Grayscale continues the process of converting its Bitcoin Trust (GBTC) into an ETF, they have been liquidating spot BTC via Coinbase. Traders are actively tracking the Grayscale Trust’s wallets and it is widely speculated that the liquidation process could place persistent sell pressure on BTC’s price for anywhere from 2 weeks to the next 6 months, depending on whether GBTC investors take profits. Track Grayscale’s Bitcoin wallets here.

  • Pockets of speculation remain engaged with the market, and Total Value Locked (TVL) into decentralized protocols has been steadily increasing since mid-October. 

 

Catalysts

  • Thursday, January 25th @ 8:30AM ET: US GDP Growth Rate QoQ.

  • Thursday, January 25th @ 8:30AM ET: US Initial Jobless Claims.

  • Friday, January 26th @8:30AM ET: US Personal Income MoM.

 

 

Charts

  • Telegram’s token, TON, has a notable divergence, having a much higher market cap than liquidity ranking, whereas Arbitrum (ARB) has the opposite divergence.

  • Manta Pacific’s bridge had a 390% increase in deposits over the past 30 days as the token has gone live and been airdropped to community members.

  • NFT trading volume on Ethereum, led by Blur, has begun to see a resurgence.

  • BTC/ETH price correlation has reached its lowest level since 2021.

 

Research Content

 

 

Disclaimer: AscendEX and its affiliates do not provide financial, legal, tax or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, financial, legal, tax or accounting advice. This does not constitute an offer to issue or sell, or a solicitation of an offer to subscribe, buy, or acquire an interest in, any securities, financial instruments or other services, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. You should consult your own financial, legal, tax and accounting advisors before engaging in any transaction.

This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject AscendEX to any registration requirement within such jurisdiction or country. Information provided by AscendEX and other sources in this material is believed to be accurate and reliable when placed in the material, but we cannot guarantee it is accurate or complete or current at all times.

Bulletin hebdomadaire d'informations sur les crypto-monnaies

Mettez à jour les dernières nouvelles mondiales sur les monnaies virtuelles chaque semaine, en définissant la crypto, les actifs numériques et l'avenir de la finance.

S'abonner maintenant