2.10 BTCTUSD/BTCUSDT Premium - Negative Premium

The BTCTUSD pair has been trading at a premium compared to the Binance BTCUSDT pair.

From June 14 to 21, BTCTUSD was at a negative premium to BTCUSDT, as TUSDUSDT rose above $1 due to USDT FUD. However, BTCTUSD quickly returned to a premium a few days later.

In addition, Binance has also launched a zero-fee promotion for TUSD orders, which will take effect at 00:00:000 (UTC) on June 30.

3. News

4. July volatility day

5. Appendix

Figure A. Fed Balance Sheet, US Treasury General Account (TGA), Reverse Repo (RRP), and ECB Total Assets

The source of funds for the U.S. Treasury Department's general account in June was mainly provided by short-term Treasury bonds. Since the yield on short-term Treasury bonds is higher than the yield on the Fed's reverse repurchase, some funds from the reverse repurchase are transferred by investors to newly issued short-term Treasury bonds. We can see from the chart that TGA increased by approximately $400 billion, while reverse repurchases decreased by approximately $300 billion in total.

Figure B. Bitcoin liquidation heat map

The clearing areas are located at:

1) Above market price: $33,000 to $34,000;

2) Below market price: USD $22,000 to USD $25,000.

Source: Hyblock Capital. As of July 3, 2023. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell or hold any specific security or cryptocurrency.

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