Futures Weekly Wrap (Sep 12-Sep 18): Cryptos Take a Step Back
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Chart of the Week
Bitcoin Gets Rejected
At about $19,418.00 on Sunday, Sep 18, Bitcoin was rejected from a critical resistance level.
From a technical perspective, BTC failed to slice through the 200-week moving average, and the most significant area of support now sits around the 2019 high at $13,888.30.
Bitcoin needs to gain the 200-week moving average as support to have a chance of marching toward the 50-week moving average.
Whales Sell BTC
The number of addresses on the network with a balance of 1,000 BTC or more continues to decline.
Roughly 11 addresses with a balance of 1,000 BTC or more left the network or redistributed their tokens over the past week.
Traders Are Optimistic
BTCUSDT Open Interest on Binance Futures slightly recovered towards the end of the week after experiencing a sharp decline on Sep 14.
The BTCUSDT Long/Short Ratio closed on Sunday, Sep 18 at 2.19, as 68.68% of all Binance Futures accounts with an opened position in BTCUSDT were net long.
Still, BTCUSDT Taker Sell Volume closed the week slightly higher than BTCUSDT Taker Buy Volume.
Weekly Market Movers
***Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.
SEC vs. Ripple - The U.S. Securities and Exchange Commission (SEC) vs. Ripple case entered the much-awaited summary judgment phase, and both parties submitted motions regarding the proceedings. (Trade XRPBUSD)
Highlights From This Week
Take Part in This Week’s Activities
Binance Live - Binance Futures will host a live stream event on Sep 22 with several trading veterans who will discuss their experiences and what the future may hold for trading cryptoderivatives. Join us for a chance to win 900 BUSD and limited-edition NFTs!
Taker Program - Binance Futures launched the Taker Program with up to a 20% taker fee discount for all USDT-Margined Perpetual and Delivery Contracts until Oct 31.
Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Oct 31.
Content Challenge - Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD.
Trade Our New Listings
Cross Margin - Binance added AMB, SANTOS, LOOM, LUNA, and PHB as new borrowable assets on Cross Margin and AMB/BUSD, SANTOS/BUSD, SANTOS/USDT, LOOM/BUSD, LUNA/BUSD, LUNA/USDT, and PHB/BUSD as new Cross Margin pairs.
Heatmap Widget - Binance Futures launched a Heatmap Widget that displays the top 30 USDⓈ-M or COIN-M Perpetual Contracts in Binance Futures, showing real-time data in the form of blocks that are automatically organized by trading volume and percentage price change.
Multi-Assets Mode - Binance has updated the maximum deposit limits for margin assets that can be used when trading USDⓈ-M Futures in the Multi-Assets Mode.
Leverage and Margin Tiers - Binance Futures updated the margin tiers of the ETH USDⓈ-M Perpetual Contracts. ETH COIN-M Perpetual Contracts and LUNA2 USDⓈ-M Perpetual Contracts with new leverage and margin tiers.
***Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility.