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Futures Weekly Wrap (Jun 27th-Jul 3rd): Cryptos Primed for Volatility

Binance Futures
2022-07-04 10:14

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Chart of the Week

On-Chain Dynamics

  • The number of BTC tokens held on known cryptocurrency exchange wallets continues to decline as roughly 40,000 BTC, worth more than $760 million, were withdrawn from trading platforms since Jun 27th.
  • Meanwhile, addresses with a balance of 100 to 10,000 BTC increased their holdings. These whales appear to have purchased or acquired 30,000 BTC over the past week, worth over $570 million.

Trading Below Support

  • At about $19,305.90 on Sunday, Jul 3rd, Bitcoin closed below the psychological $20,000 support level while liquidity dries up.
  • From a technical perspective, Bitcoin needs to print a three-day close above $19,924.50 to have a chance of rebounding towards $22,578.10 or even $28,688.00.
  • Failing to overcome such a critical resistance barrier could trigger a downswing towards $16,648.60 or even $11,893.30.

Growing Optimism

  • On Binance Futures, the BTCUSDT Long/Short Ratio surged to a high of 1.80 on Jul 3rd.
  • Traders appear to grow optimistic about a potential price rebound as 64.29% of all Binance Futures accounts with an opened position in Bitcoin 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

  • Binance Institutional - Binance launched a flagship platform for VIP and Institutional users called “Binance Institutional.” It offers customized trading services directed at institutions, crypto platforms, high-net-worth individuals, family offices, hedge funds, asset managers, and crypto miners according to their needs. (Trade BNBBUSD)
  • Big Bags - MicroStrategy revealed it purchased 480 BTC for about $10 million at an average price of $20,817 per token between May 3 to June 28, bringing the company’s holdings to 129,699 BTC. (Trade BTCBUSD)
  • Expanding Utility - Chainlink’s Keepers and Verifiable Random Function (VRF) protocols were integrated into the Fantom mainnet to allow developers to build more sophisticated DeFi applications. (Trade LINKBUSD)
  • Governance Upgrade - Polkadot upgraded its decentralized governance protocol to be more inclusive and decentralized while dramatically increasing the number of proposals that can be voted on. (Trade DOTBUSD)
  • Almost Rekt - Solend, Solana’s second-biggest DeFi outpost, was on the verge of liquidation until Binance stepped in to establish contact with a whale who began redistributing its bets into other Solana DeFi outposts to end the most acute crisis without a single cascading liquidation. (Trade SOLBUSD)

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.
  • 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 Contracts - Binance Futures launched BUSD-Margined WAVES and LINK perpetual contracts with up to 20x leverage.

New Updates

  • European Options - Binance will conduct a product upgrade for European-style Options by the end of Q3 2022.
  • Funding Rate Arbitrage - Binance Futures launched the Funding Rate Arbitrage Table, which provides users with arbitrage information about Perpetual Futures Contracts and their spot equivalents in the market.
  • Strategy Trading - Binance Futures launched a Strategy Trading Landing Page that provides users with a comprehensive display of Grid Trading, TWAP, VP and other automated algorithmic trading features, along with their performance and popularity.
  • 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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