Ethereum Price (ETH/USD) Has Declined By Over 13% Since The Transition| FXMAG.COM

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ETH’s The Merge was com­plet­ed. ETH is down 13.5% since The Merge; BTC is out­per­form­ing. U.S. Aug infla­tion at +8.3% YoY, high­er than expected.

Chart of the Week: The Merge…Crickets

  • Ethereum’s The Merge, one of the most antic­i­pat­ed events in the cryp­tos­phere, was com­plet­ed on 15 Sep­tem­ber. From a ETH price per­for­mance per­spec­tive how­ev­er, it has been rather under­whelm­ing, as ETH has dropped 13.5% since The Merge. Per­haps the pri­or sub­stan­tial price surge since the June lows indeed made it a sell the news event? 
  • Also, macro head­winds are per­haps prov­ing dif­fi­cult to over­come, with a high­er than expect­ed August U.S. CPI print (+8.3% YoY) last week and the upcom­ing Fed rates deci­sion on 21 Sep­tem­ber. Read our recent Alpha Nav­i­ga­tor report for more analysis. Market Pulse Since The Merge: BTC outperforming ETH

Fund Flow Tracker

  • The aggre­gat­ed exchange bal­ance for ETH spiked over the past week and marked the high­est lev­el since July 2022. Market Pulse BTC ETH Aggregated Exchange Balances Market Pulse BTC OTC Desks Balance and Spot Price

Derivatives Pulse

  • Implied vols for both BTC and ETH dropped dur­ing the past week. 1‑month implied vol cur­rent­ly stands at 63.9% (vs. 69.0% a week ago) and 92.3% (vs. 104.2% a week ago) for BTC and ETH, respectively. Market Pulse BTC Options Atm Implied Vol Market Pulse ETH Options Atm Implied Vol Market Pulse Options Open Interest Put-Call Ratios Market Pulse BTC Options 25 Delta Skew Market Pulse Eth Options 25 Delta Skew 2

  • ETH per­pet­u­al futures fund­ing rates showed a pos­i­tive print after a month-long streak of being in neg­a­tive territory. Market Pulse ETH Perpetual Futures Market Pulse BTC Spot Price 2

  • Lever­aged traders’ net-short posi­tion in CME Bit­coin futures con­tin­ues to reduce and mark new YTD lows. Market Pulse CME Bitcoin Futures Net Position

  • Lever­aged traders are typ­i­cal­ly hedge funds and var­i­ous types of mon­ey man­agers, includ­ing com­mod­i­ty trad­ing advi­sors and com­mod­i­ty pool oper­a­tors. The traders may be engaged in man­ag­ing and con­duct­ing pro­pri­etary futures trad­ing, and trad­ing on behalf of spec­u­la­tive clients.
  • The asset man­ag­er cat­e­go­ry con­sists of insti­tu­tion­al investors, includ­ing pen­sion funds, endow­ments, insur­ance com­pa­nies, mutu­al funds, and those portfolio/investment man­agers whose clients are pre­dom­i­nant­ly institutional.
  • The deal­er cat­e­go­ry con­sists of par­tic­i­pants typ­i­cal­ly described as the “sell-side” of the mar­ket. These include large banks and deal­ers in secu­ri­ties, swaps, and oth­er deriv­a­tives. The oth­er reportable cat­e­go­ry con­sists of traders most­ly using mar­kets to hedge busi­ness risk, and includes amongst oth­ers cor­po­rate treasuries.

Price Movements



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Research and Insights Team

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