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Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.
Risk-on sentiment has faded across US equities and global bond markets, with stocks sliding post-holiday and long-dated G7 yields hitting record highs. BTC has declined since Fed Chair Jerome Powell’s Jackson Hole speech, briefly bottoming out at $107K, while ETH is down 5% over the past week. Altcoins like SOL have shown relative strength.
Derivatives markets are mixed: funding rates remain broadly positive, but options pricing reflects bearish sentiment, with elevated premiums for out-of-the-money puts on BTC and ETH. Implied volatility has risen, likely in anticipation of upcoming macro events — including the NFP and CPI reports and the Fed’s September meeting, as markets currently assign a 97% probability to an interest rate cut. In options, bearish positioning is intensifying, with ETH skew now aligning with BTC’s downside bias.
Please check out the report’s highlights.