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Futures Weekly Wrap (Aug 22nd-Aug 28th): Cryptos at Make-or-Break Support

Binance Futures
2022-08-29 09:05
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Chart of the Week

Bitcoin at Risk

  • At about $19,571.00 on Sunday, Aug 28th, Bitcoin is at risk of a steep correction.
  • From a technical perspective, BTC printed two consecutive weekly candlesticks close below the 200-week moving average, threatening to dip lower.
  • Bitcoin needs to reclaim the 200-week moving average as support to have a chance of recovering and surging toward the 50-week moving average.

Whales Sell

  • On-chain data shows that the number of addresses in the Bitcoin network with a balance of 10,000 or more BTC has decreased by 5.83% in the last three weeks.
  • Roughly six whales, each holding more than $200 million in BTC, have sold or redistributed their tokens within such a short period.

Traders Are Optimistic

  • On Binance Futures, the BTCUSDT Long/Short Ratio continues hovering at the highs, closing on Sunday, Aug 28th, at a ratio of 2.
  • Traders appear to be anticipating a rebound as 66.70% of all Binance Futures accounts with an opened position in Bitcoin are net long, while the other 33.30% 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 Chain - BNB Beacon Chain Mainnet is expected to undergo a scheduled hard fork upgrade at block height 264,000,000 that will DEX features, allowing more computing power to focus on security and facilitate future computing and governance priorities. (Trade BNBBUSD)
  • Rising Concerns - Some Ethereum developers have been expressing concerns about a bug in the Geth 1.10.22 that can “causes the trie/state to go bad” on the network’s upcoming ‘Merge,’ a transition from Proof-of-Work to Proof-of-Stake consensus. (Trade ETHBUSD)
  • Network Upgrade - Cardano founder Charles Hoskinson said things are moving along very quickly and anticipates the Vasil hard fork is most likely to happen in September if everything goes well and no bug or slowdown delays the upgrade. (Trade ADABUSD)
  • Uniswap Foundation - The proposal to create a new Uniswap Foundation to streamline the Uniswap Grant Program and make the protocol’s governance system function smoother has passed the final vote. (Trade UNIBUSD)
  • Lost Peg - Acala Dollar (aUSD), the native decentralized stablecoin of Polkadot, fell to $0.8103 after the Acala community referendum passed and destroyed the abnormally additional 2.97 billion aUSD. (Trade DOTBUSD)

Highlights From This Week

Take Part in This Week’s Activities

  • #BinanceBlockchainWeek - Binance Blockchain Week 2022 in Paris is just a few weeks ahead, and Binance launched a series of online activities and giveaways to share more than $28,500 in BNB, BUSD, and Travel Credits with our community.
  • Crypto WODL - The theme of this week’s WODL is BNB Chain. Users participating in this week’s WODL and getting at least five correct answers will qualify for an equal share of $20,000 in BUSD token vouchers.
  • 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 Oct 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.

Trade Our New Listings

  • USDⓈ-M Contracts - Binance Futures launched USDT-Margined STG Perpetual Contracts with up to 25x leverage.
  • Cross Margin - Binance added STG, BEL, TRB & WING as new borrowable assets on Cross Margin and STG/BUSD, STG/USDT, BEL/BUSD, BEL/USDT, TRB/BUSD, TRB/USDT, WING/BUSD, and WING/USDT as new Cross Margin pairs.

New Updates

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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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