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Over the weekend, the broader crypto market continued its sideways movement on the back of a plummeting trading volume in the spot market, which has hit a 3-month low. However, in the early hours on Monday (Asian hours), the market flipped green in a bid to reverse its longest losing streak in history. BTC climbed back to the $30k psychological support after rising by 4.7% within a few hours. The largest crypto by market cap is currently making another attempt to break above the immediate resistance level near $30.6k, and the market may make a run if this level is cleared. On-chain UTXO value also suggests that the market has entered a phase of accumulation, where addresses with balances of more than 10k BTC have been stacking up amid recent capitulation events. A bull cycle will likely kick start once the accumulation phase is over.
The futures market seems to be lagging behind the spot market. BTC's annualized rolling basis has yet to reflect the current spot rally, but it did register a recovery from the weekend dip. Perpetual contracts' funding rate is trending down slightly, but it hasn't deviated much from the neutral zone. After the monthly delivery of ETH options on Friday, the gamma exposure for both BTC and ETH are back in the positive territory, suggesting that risk exposure to crypto assets is largely contained.
With RTFKT's latest 19.72 ETH purchase of "dotswoosh.eth", Nike's web 3.0 team now owns 10 Ethereum Name Service (ENS) domains. The exact reason for the acquisition is unclear, but some have speculated that Nike may have plans to leverage the subdomain functionality of ENS to create interesting and human-readable domain names for its customers. Nike's ENS purchases align with its broader strategies of foraying into the metaverse, as the domain names it has collected so far make references to Nike's ongoing NFT projects. Nike also has a reputation for buying and trademarking a wide range of affiliated names and logos for various metaverse applications.