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OTC Weekly Trading Insights (Jul 1, 2022)

Binance OTC
2022-07-02 13:30
  • Despite the recent market downturn; MATIC, YFII, SAND and HBAR have all seen an increase in buying pressure this week with YFII outperforming the market.
  • There appeared to be no fundamental reason for YFII to rally. Looking at the charts, after a sustained downtrending period, it bottomed out at around $340 and is currently up 183% since then, seeing a huge increase in volume on our convert portal.
  • SAND has also seen an increase in buying volume, as tech giants begin establishing a presence within the metaverse
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • The majority of transactions this week have seen a decline compared to the previous, however Stablecoin swaps have reached a staggering 47.86%, an increase of 26.54%. With hedge funds currently shorting USDT this is no surprise as the rest of the market attempts to follow ‘smart money’.
  • The second highest transaction was crypto to stablecoin with a decrease of 10.58% this week. Once again with the market experiencing a continued downtrend, investors have been moving cash to the side as we wait to see a bottom.
  • Stablecoin to crypto has seen a decrease of 9.48% this week, as investors are reluctant to dollar cost average into the market at these low prices.

Overall market technicals

BTC: Weekly range remains in tact

  • Following on from last week, BTC’s overall market structure still remains the same. BTC briefly traded above its local high of $21,731 before making a return towards the downside.
  • As to be expected, we are still seeing volatile moves in either direction as BTC looks for liquidity where traders would be placing their stop losses.
  • For example, last night traders who went short at the weekly resistance (previous support) targeting the 2020 support would have been stopped out as BTC traded above the local swing highs.
  • As it stands currently, BTC is still trading above the December 2020 support levels, bulls will need to successfully hold this level otherwise there is the potential for a break further towards the downside.
  • Once again the Crypto Fear & Greed Index is at ‘11’ showing continued Extreme Fear within the market.
  • YFII was a coin of interest this week as we saw an increase of over 870% of volume traded on our convert portal.
  • Earlier this month YFII bottomed out around $330, we saw a sudden change in market structure as it aggressively traded above local highs and then formed a higher low before rallying over 580%
  • Currently YFII is trading around $900 which looks to be acting as a local support level, the bulls will need this level to hold in order for this to be a sustainable move towards the upside.
  • Whilst it is not clear what caused this initial rally, it is important to approach this coin with caution as usually unexpected moves like this are not organic and do not last long!

Crypto calendar
07/19/22 - Ethereum Community Conference
07/31/22 - ADA Vasil Hardfork

News events of note
Time over money - Breitling has now started to accept BTC as a form of purchase for their products.
P2E is still going strong - Axie Infinity has now launched its Land staking feature, where users can stake their land and earn AXS rewards for doing so.
TradFi continues to explore DeFi - Societe Generale, a French investment bank, has selected Swiss cryptocurrency custody firm Metaco to work with for the banks digital ventures.
More news found here!

Binance Convert Portal
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Much like our OTC desk, the Convert Portal has many benefits that our users enjoy on a day to day basis. Firstly, they have the flexibility to trade over 1500 trading pairs with more assets being added on a weekly basis! The Convert Portal supports thousands of different token combinations which is even more than the Binance Spot Market, our deep liquidity also allows users to trade uncommon pairs such as SHIB/XRP, SLP/AXS etc. Secondly, our convert portal charges zero trading fees and there is only a slight spread on each trade you make. Lastly, using the convert portal is a great way to avoid slippage as when placing large trades buy and sell orders may not be executed at the desired price. When using the Convert Portal the price which you are quoted at is the price at which you will settle at!
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