Interesting Analytics |DeFi Sees New Growth Cycle| BTC 30000$

9 авг. 2022 г.

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📌DeFi sees a new growth cycle; Beanstalk replanted after April feat

📌The broader market saw slight gains over the weekend. BTC briefly slipped below 23K early Friday amid unexpectedly strong employment data, but managed to hold above that support in weekend trading. At the time of writing, the largest cryptocurrency by market capitalization is well above the $23,000 support after gaining 1.7% in the last 24 hours. BTC is facing strong resistance in the 23.5K to 23.7K area.


📌Most likely, in the short term, after a complete breakthrough above this resistance zone, a steady increase will begin. Meanwhile, the downward pressure on long-term holders of BTC has eased slightly as spot prices are above the average cost basis. However, these holders continue to hold their coins with unrealized losses ranging from 11% to 61% on average.
In a similar vein, ETH is trading above the $1,700 level with a 2.4% gain over the same period.

The network's performance for the second largest cryptocurrency by market capitalization points to an emerging pattern of growing demand if the merger succeeds. The major altcoins are in the green and FLOW is leading an upward price move with a double digit percentage increase. Despite the recent explosions, the DeFi sector, especially the synthetic asset category, could see the start of a new growth cycle thanks to the recent integration of the Synthetix protocol.

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The muted activity in the BTC derivatives market is likely due to market participants focusing on merger stories. However, BTC funding rates on major exchanges have fluctuated wildly, possibly in anticipation of Mt.Gox distribution in August, exacerbating market uncertainty. The ETH futures market is seeing a general discount with a three-month base rate in negative territory and backwardation in the term structure. ETH option volume has yet to return to normal despite open interest hitting a new all-time high amid the buzz around The Merge. The put/call ratio is falling to new lows, indicating big bets for a massive rally in September with a well-insured downside.