Futures Weekly Wrap (Jun 6th-Jun 12th): Crypto Markets Tumble
Chart of the Week
Rising Selling Pressure
- On-chain data shows that the number of addresses with a balance of 100 BTC or more has declined by roughly 0.17% over the past week.
- Roughly 27 mid-sized whales have left the network or redistributed their holdings. Each of these addresses has sold or redistributed at least $2.5 million worth of Bitcoin over the past week.
Bitcoin Slices Through Support
- At about $26,564.70 on Sunday, Jun 12th, Bitcoin has dipped below support to mark the end of the stagnation period.
- From a technical perspective, Bitcoin got rejected by the $32,853.80 resistance zone and lost the $26,828.20 support level. Further selling pressure could see BTC march toward the following areas of interest at $24,135.30 or even $20,732.70.
- The flagship cryptocurrency needs to reclaim $26,828.20 to have a chance of recovering the recent losses.
- On Binance Futures, the BTCUSDT Long/Short Ratio rose to a high of 2.64 on Jun 12th after hitting a low of 0.84 on Jun 7th.
- Traders appear optimistic about the future price action as 72.54% of Binance Futures accounts with an opened position in Bitcoin are net-long. It is worth noting that BTC usually doesn’t follow the herd.
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.
- Binance Labs - Binance Labas made an investment further to develop PancakeSwap's technology, marketing and community support, as well as drive Web 3-based services. The venture capital arm of cryptocurrency exchange Binance also participated in a $7.6 million seed funding round for Tatsumeeko and partnered with crypto payment gateway TripleA.
- Low Reserves - On-chain data shows Bitcoin exchange reserves have now reached new 4-year lows, which suggests investors are withdrawing their BTC from exchanges at the moment. (Trade BTCBUSD)
- Ropsten Testnet - The Ropsten test network successfully merged its Proof-of-Work execution layer with the Beacon Chain Proof-of-Stake consensus chain, which is the first rehearsal for Ethereum’s pending transition to Proof-of-Stake. (Trade ETHBUSD)
- Decentralized Identification - Cardano announced a partnership with satellite television firm DISH Network to roll out a decentralized identification and loyalty token. (Trade ADABUSD)
- $100 Million Deal - The VeChain Foundation and the Ultimate Fighting Championship (UFC) announced a multi-year marketing collaboration aimed at “breaking marketing ground” for both firms. (Trade VETUSDT)
Highlights From This Week
Take Part in This Week’s Activities
- Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.
- 10 BUSD For You! - Binance Futures launched a giveaway for new and existing users who have not traded since Feb. 22nd to earn a 10 BUSD Futures Bonus Voucher on a first-come, first-served basis.
- 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
- BUSD-M Perpetual Contracts - Binance Futures launched BUSD-Margined DOT, TLM, and ICP Perpetual Contracts with up to 20x leverage.
- Borrowable Assets - Binance added ANC, MBL, OP as new borrowable assets on Cross Margin, and AKRO, ANC, EPX, LUNA, LUNC, MBL, OP as new borrowable assets on Isolated Margin.
- Delisted Contracts - Binance Futures will conduct automatic settlements on the USDⓈ-Margined SC Perpetual Contracts and delist this contract.
- Sub-Account - The Sub-Account Function is now available on Binance App, enabling users to seamlessly access the Asset Management to view the asset summary and balances of selected sub-accounts or all sub-accounts.
- VIP Group Chat - Binance launched “VIP Group Chat” in the “Online Chat” portal to enhance the communication experience with Key Account Managers and other Binance staff anytime.
- Binance API - Binance launched its new API Page, which provides an overview of all the services available to Binance API users. Users can now seamlessly access the API documentation of different Binance products and services.
* 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.
Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.
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