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Futures Weekly Wrap (Jul 11th-Jul 17th): Cryptos Rebound Despite Skepticism

Binance Futures
2022-07-18 11:52

Chart of the Week

On-Chain Dynamics

  • Roughly 15 addresses with a balance of 1,000 BTC or more have sold or redistributed their holdings over the past week, while Bitcoin consolidates between $21,545.20 and $18,913.80.
  • With more than $300 million worth of BTC added as selling pressure across all major cryptocurrency exchanges, Bitcoin’s price could soon react and trigger a significant move.

Testing Resistance

  • At about $20,794.40 on Sunday, Jul 17th, Bitcoin approaches a crucial area of resistance at $21,545.20.
  • From a technical perspective, the $21,545.20 supply wall could weaken after being tested multiple times over the past month. Still, BTC needs to print a daily candlestick close above it to gain the strength to advance further. Slicing through this level can trigger an upswing to the 50-day moving average at $23,3140.30, or even the $27,751.00 resistance can be expected.
  • If Bitcoin fails to overcome resistance at $21,545.20, a downswing to the $18,913.80 support level becomes imminent.

Skepticism Mounts

  • On Binance Futures, the BTCUSDT Long/Short Ratio dropped significantly over the past week to close on Sunday, Jul 17th, at a ratio of 0.82.
  • Traders appear to be taking the price upswing seen over the past week with a grain of salt, as 54.82% of all Binance Futures accounts with an opened position in Bitcoin are net short.

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

  • BNB Burn - Over 1.9 million BNB, worth roughly $405 million, were destroyed as part of an auto-burn system that aims to reduce the total supply to 100 million BNB. (Trade BNBBUSD)
  • Accumulation Phase - A few indicators tracking the number of BTC tokens sold by miners against the cryptocurrency's market value to its fair value suggest that it may be an excellent time to build long-term exposure to Bitcoin. (Trade BTCBUSD)
  • $15M Inflows - CoinShares revealed that digital asset investment products saw inflows of $15 million last week, with $7.6 million flowing into Ethereum, which may suggest a "modest turn-around in sentiment” for the token. (Trade ETHBUSD)
  • Crypto Adoption - Ripple surveyed over 800 financial leaders and enterprises from several countries and over 700 blockchain developers, revealing that 76% of these financial players believe crypto use will increase in the next three years.

Highlights From This Week

Take Part in This Week’s Activities

  • Test Your Knowledge - Binance introduced a Crypto WODL, a mini-game to guess crypto and blockchain-related words, so you can test your knowledge to win a share of 10,000 BUSD vouchers!
  • 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

  • Four Tools to Trade Crypto Like a Pro on Binance Futures - Binance Futures offers a wide range of products and services to help you take the bull by the horns. This blog post explores new features like Grid Trading, Time-Weighted Average Price (TWAP), Advanced TP/SL, and the Multi-Symbol Trading Page so you can start trading like a pro.

Trade Our New Listings

  • BUSD-M Contracts - Binance Futures launched BUSD-Margined MATIC and CVX 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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