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Futures Weekly Wrap (Aug 8th-Aug 14th): Cryptos Have a Hard Nut to Crack

Binance Futures
2022-08-16 11:30

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Chart of the Week

Stiff Resistance

  • At about $24,314.02 on Sunday, Aug 17th, Bitcoin appears to be facing rejection.
  • From a technical perspective, the 100-day moving average is acting as stiff resistance and has managed to prevent BTC from advancing further multiple times over the past week. If Bitcoin fails to gain the strength to slice through it, a downswing to the 50-day moving average can be expected.
  • Still, resistance usually weakens the more times it is tested. Another successful test of the 100-day moving average could result in a breakout, triggering an upswing towards the 200-day moving average.

Miners Sell

  • The number of BTC held by affiliated miners’ wallets declined roughly 0.165% over the past week.
  • Bitcoin miners sold approximately 3,080 BTC, worth around $74 million, over the past week while prices consolidated above $24,000.

Ambiguity Reigns

  • On Binance Futures, the BTCUSDT Long/Short Ratio dropped over the past week and closed on Sunday, Aug 14th, at a ratio of 0.93.
  • Traders show ambiguity as 51.80% of all Binance Futures accounts with an opened position in Bitcoin are net short while the other 48.20% are net long.

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.
Find out more about DEFI Index and trade DEFIUSDT.

News Roundup

  • Private Trust - BlackRock, the world's largest asset manager, launched a spot Bitcoin private trust for institutional clients based in the U.S., which is intended to track the performance of BTC with “fewer expenses and liabilities of the trust.” (Trade BTCBUSD)
  • Going Mainstream - Ethereum founder Vitalik Buterin believes that crypto payments would be going mainstream as the Merge upgrade could bring transaction fees down to as low as $1 “by making improvements to efficiency and accessibility of the crypto.” (Trade ETHBUSD)
  • Removing Exposure - MakerDAO co-founder Rune Christensen recently proposed removing all USDC from the DAI stablecoin’s peg-stability module, worth $3.5 billion, and converting those tokens into ETH instead. (Trade MKRUSDT)
  • The Bottom - JPMorgan analyst Kenneth Worthington affirmed that the cryptocurrency market found its bottom despite low trading volumes as the expectation of the Merge, a long-awaited improvement to the Ethereum network, helped improve sentiment among investors.

Highlights From This Week

Take Part in This Week’s Activities

  • 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 Aug 31st.
  • Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.
  • 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.

Read Our Latest Blog Post

  • Two Technical Indicators to Gauge Market Trends - Traders often rely on technical indicators to understand when to enter or exit a trade. So let’s explore how you can use the Bollinger Bands and Exponential Moving Averages (EMAs) to gain additional insights into the price action of cryptocurrencies.

Trade Our New Listings

  • USDT-M Contracts - Binance Futures will launch USDT-Margined INJ Perpetual Contracts with up to 25x leverage.
  • Cross & Isolated Margin - Binance added AUCTION and PUNDIX as new borrowable assets on Cross Margin, and the new PUNDIX/BUSD pair on Isolated Margin.

New Updates

  • Delist Notice - Binance Futures will conduct an automatic settlement on the USDT-Margined BTS Perpetual Contract on Aug 18th, and delist this contract after the settlement is complete.
  • European Options - Binance will conduct a product upgrade for European-style Options by the end of Q3 2022.
* 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.
Risk Warning: Futures trading is subject to high market risk, and all of your margin balance may be liquidated in the event of adverse price movement. The value of your investment can go down or up, and you may not get back the amount invested. Binance is not liable for any losses you may incur and does not provide financial advice. For more information, see our Terms of Use and Risk Warning.
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