LAST WEEK RECAP:
- BlackRock files for Ethereum ETF.
- SEC reportedly in-talks with Grayscale over the conversion of Bitcoin trust fund to ETF.
- SEC chairman Gary Gensler suggests a rebooted FTX is possible if done ‘within the law’.
- Poloniex exchange suffers over $100M exploit.
- Binance launches Binance Web3 Wallet.
- AAA studio Ubisoft partners with Immutable to develop Web3 games.
- Stablecoin issuer Circle is considering a 2024 IPO.
LEGACY MARKETS – DXY
DXY has been ranging / slightly dropping, giving markets more room to move. Equities and tech have been solid since the correction. Crypto also sees multiple alts having large rallies.
LEGACY MARKETS – VIX
VIX has been unable to sustain above 21 after the Middle East escalation. This goes to show how resilient the current market is. Even the large correction equities had retraced in barely a week.
BTC WEEKLY VIEW
BTC is currently in a large range, between 30-60k from a macro perspective. Mid-range is in the 40-45k zone, with strength in the overall market, it seems the rally should at least run into the 40k area.
ETH WEEKLY VIEW
As mentioned in the previous weeks, ETH above 2k has serious room for a large wave into the 3k area. While short-term consolidation might be plausible at its current level, ETH will eventually start running for the 3k zone, especially with heightened institutional interest over BlackRock's ETH ETF announcement.
ETH/BTC bounced from range lows which aligned with the Blackrock ETH ETF announcement. For now, ETH/BTC is anticipated to progress more slowly as soon as BTC resumes its accelerated upward trend.
TOTAL3 USD MARKET STRENGTH
TOTAL3 is deep into the first resistance. The market didn’t see a harsh pullback and seems to be clearing the highs. Consolidation on top of the range seems more likely at this point than rejection. This ideally sets up altcoins to rally further in late Q4 or Q1.
TOTAL3 BTC MARKET STRENGTH
ALT/BTC is still in the new range. Despite BTC's slow week last week, it did creep up a bit. However, it seems highly likely that ALT/BTC ratios won’t be able to hold strength if BTC starts running again (other than some clear outliers, of course).
- Blackrock announces ETH ETF filings.
- Altcoins started rallying on BTC stalling in the 37k area.
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
Edited by: Marianne Dasal
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact