AscendEX Sunday Briefing (2.11-2.18)
AscendEX Sunday Briefing (2.11-2.18)

AscendEX Sunday Briefing (2.11-2.18)

Something to remember: 

“One does not beg the sun for mercy, and one does not hunt for sand in the dessert”

 

The Week Ahead

What’s driving markets?

  • Grayscale outflows continue, but cumulative inflows taking into account the other ETF issuers have more than offset the selling. Bitcoin market dominance dropped 2% last week while the broader crypto market capitalization climbed 9.62%.

  • Multiple FOMC members are set to deliver speeches throughout the upcoming week, where the market will be watching closely for clues regarding the Federal Reserve’s intentions for the March 20th FOMC meeting. As of writing, futures are pricing in an ~80% chance that rates are left untouched for the second meeting in a row. Strong economic data in the past few months has given the Fed much needed confidence to stick to a higher for longer strategy. 

 

Catalysts

  • Tuesday, February 13th @8:30am ET: US Consumer Price Index (CPI)

  • Friday, February 16th @8:30am ET: US Producer Price Inflation (PPI) 

 

Charts

  • Average BTC/USD bid-ask spread, a measure of market depth, has notably tightened since the approval of spot ETFs.

  • Powell’s speech in the post-FOMC press conference has caused significant volatility in the futures market for probability of a rate cut at the March meeting.

  • MEXC liquidity has gained significantly, now far outpacing even Binance on 0.1% market depth for their top 25 token pairs.

  • However, their market depth to volume ratio is an outlier, indicating that the excess liquidity still has not catalyzed additional trade volume.

 

 

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 adviceinducement 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