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Futures Weekly Wrap (Mar 21st-Mar 27th): Cryptos Attempt to Enter a New Uptrend

2022-03-28 08:19

Chart of the Week

Open Interest Skyrockets

  • The number of open positions on all exchanges, including long and short positions, has been steadily rising since Mar. 7th. Such market behavior indicates that more liquidity, volatility, and attention is coming into the derivatives markets.
  • Today, Mar. 27th, open interest is nearing $14.5 billion, adding fuel to Bitcoin’s recent price increase.

Bitcoin Attempts to Resume Its Uptrend

  • At about $47,047 on Sunday, Mar. 27th, Bitcoin has broken through multiple resistance levels as it attempts to resume its uptrend.
  • From a technical perspective, BTC sliced through the 100-day moving average at $45,500 and now is testing the 50-day moving average at $47,000 on the 3-day chart. A decisive close above this significant hurdle could encourage sidelined investors to get back in the market, pushing prices toward the next supply wall at $51,000 or even $55,000. It is worth noting that failing to overcome the $47,000 resistance level may result in a rejection that sends Bitcoin back to $40,000.
  • On Binance Futures, BTCUSDT Long/Short Ratio continues to decline to hit a 0.89 ratio on Mar. 27th. Traders appear skeptical about the recent upward price action as 54.85% of all accounts are net-short on Bitcoin. The pessimism surrounding BTC’s future price performance may act as a warning signal that a short squeeze is underway.

Weekly Market Mover

* Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated by 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.

Highlights From This Week

Take Part in This Week’s Activities

  • Chat and Earn! - Your time is running out to earn daily BUSD airdrops in the Binance Futures Chat Room. Our chatbots will distribute BUSD in the English Chat Room every until Mar. 31st. (Join Now)
  • Get Verified and Win! - Hurry up! Complete enterprise verification to earn a 1,000 USDT USDⓈ-M Futures cashback voucher. You have until Mar. 31st.
  • Interest Rate Reduction - Binance Margin launched a promotion to reduce interest rates for BTC, ETH, BUSD and USDT. During the promotion period, users may enjoy discounted annual interest rates as low as 0.8% with the mentioned assets.
  • Futures Content Challenge - Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures in our platform. Submit your content now for a chance to win 300 BUSD.
  • Margin Friday - Users who complete an average daily margin trading volume of 1,000 BUSD, or borrowing volume of 100 BUSD on Binance Margin, and complete identity verification by the end of the promotion will be eligible to share 20% trading income.

Trade Our New Listings

  • USDⓈ-M - Binance Futures listed USDⓈ-M BTC and ETH Quarterly 0624 Contracts.
  • COIN-M - Binance Futures listed BTC, ETH, BNB, ADA, LINK, BCH, XRP, DOT, and LTC COIN-Margined Quarterly 0930 Contracts.
  • RUNE - COIN-Margined RUNE perpetual contracts with up to 20x leverage are now live on Binance Futures. (Trade RUNEUSD)
  • APE - COIN-Margined APE perpetual contracts with up to 20x leverage are now live on Binance Futures. (Trade APEUSD)

New Updates

  • Borrowable Assets - RUNE, GMT and APE were added as new borrowable assets on Cross Margin, while GMT and APE were added as new borrowable assets on Isolated Margin.
  • Historical Market Data - Binance Futures provides users with historical market data download via web or Binance API back to 2020 January.
  • TWAP Strategy - Binance Futures allows users to use TWAP (Time-Weighted Average Price), an algorithmic trade execution strategy that aims to achieve an average execution price close to the time-weighted average price of the user-specified period.

News Roundup

  • EIP-4844 - Ethereum’s co-founder, Vitalik Buterin, recently shared EIP-4844, known as Proto-Danksharding, to help to improve the network by organizing large transaction data into smaller transaction data bits that could be easily handled. (Trade ETHBUSD)
  • DeFi Investments - Acala (ACA), a DeFi-focused network built on Polkadot, announced Wednesday that it is launching a $250 million “aUSD Ecosystem Fund” to support startups in DOT’s budding DeFi ecosystem. (Trade DOTUSDT)
  • ‘Core’ Wallet - Avalanche announced it would launch its own wallet application, called Core, and add Bitcoin bridging functionality, two initiatives aimed at simplifying the user experience and bringing more assets into the AVAX ecosystem. (Trade AVAXUSDT)
  • Going APE - Two of the largest Ethereum whales on the network bought 300,000 APE each, worth $6.6 million. (Trade APEUSDT)
  • DOGE Surges - Dogecoin touched a one-month high a day after Bitcoin of America announced plans to add support for the doggy-themed cryptocurrency to its network of more than 1,800 ATMs across 31 U.S. states. (Trade DOGEBUSD)
* 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 furthermore, 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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