Book today's alt damage to BTC beta, then read the leftovers.
$ENA is down 7.4% before the open, with Bitcoin off 1.4%. Regress each name's last 30 daily closes against BTC's and the bill splits: beta alone owes $ENA 3.1 points, $ZEC 2.3, $HYPE 0.6. ENA paid 4.4 points more.
The pre-open table:
1. Treat BTC's move as the invoice.
2. Multiply by the coin's 30-day beta: all the market owes it.
3. Keep the remainder. ZEC's is zero, because it already paid on the way down.
4. Hunt a supply event inside it. One wallet sent 18.91 million ENA to Binance two hours ago, 2.7 million dollars, near 13% of ENA's daily Binance turnover.
A remainder with a deposit behind it is distribution; without one, noise.
I'm waiting, no position. ZEC now trades at beta; only ENA has a live question.
I'd drop the supply read if that remainder shrinks before the US close.
$ENA $ZEC $HYPE #Ethena #Crypto #BinanceSquare
Data as of today. Not financial advice.
Beta or a bag: which one are you selling at the open?
$ENA is down 7.4% before the open, with Bitcoin off 1.4%. Regress each name's last 30 daily closes against BTC's and the bill splits: beta alone owes $ENA 3.1 points, $ZEC 2.3, $HYPE 0.6. ENA paid 4.4 points more.
The pre-open table:
1. Treat BTC's move as the invoice.
2. Multiply by the coin's 30-day beta: all the market owes it.
3. Keep the remainder. ZEC's is zero, because it already paid on the way down.
4. Hunt a supply event inside it. One wallet sent 18.91 million ENA to Binance two hours ago, 2.7 million dollars, near 13% of ENA's daily Binance turnover.
A remainder with a deposit behind it is distribution; without one, noise.
I'm waiting, no position. ZEC now trades at beta; only ENA has a live question.
I'd drop the supply read if that remainder shrinks before the US close.
$ENA $ZEC $HYPE #Ethena #Crypto #BinanceSquare
Data as of today. Not financial advice.
Beta or a bag: which one are you selling at the open?
