Futures Weekly Wrap (Aug 29th-Sep 4th): Cryptos Prepare for a Significant Price Movement
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Chart of the Week
Bitcoin at Risk
- At about $20,004.08 on Sunday, Sep 4th, Bitcoin remains at risk of a steep correction.
- From a technical perspective, BTC printed three 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.
- On-chain data shows that the number of BTC held by the affiliated miners’ wallets dropped by 0.18% over the past week.
- Bitcoin miners sold roughly 3,337 BTC, worth more than $66.74 million, between Aug 29th and Sep 4th.
- On Binance Futures, the BTCUSDT Long/Short Ratio continues to go higher while prices drop, closing on Sunday, Sep 4th, at a ratio of 2.93.
- Traders appear to expect that Bitcoin will recover as 74.53% of all Binance Futures accounts with an opened position in BTCUSDT are net long, while the other 25.47% 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.
- Flooding the Market - Eric Wall, a Mt. Gox creditor, summarily dismissed reports that all of the roughly 140,000 BTC sent to creditors would soon be dumped on the market. In reality, the payout will occur in tranches over months. (Trade BTCBUSD)
- On Seaport - Polygon announced that it is now on Seaport, a new open-source, Web3 marketplace protocol for safely and efficiently buying and selling NFTs launched by OpenSea. (Trade MATICBUSD)
- WAGMI Temple - The development arm of Shiba Inu has shared details of the concept of the upcoming SHIB: The Metaverse WAGMI (We’re All Gonna Make It) Temple, which will introduce a zen-like realm with calm meditation, natural beauty, sensation, and spiritual connections to the world. (Trade SHIBBUSD)
- Supply Chain - VeChain announced it partnered with TruTrace Technologies, a developer of a fully-integrated blockchain platform for the legal cannabis, food, apparel and pharmaceutical industries. (Trade VETUSDT)
- Burn CAKE - PancakeSwap, a BNB Chain-based decentralized exchange, burned 6,721,328 CAKE tokens, worth roughly $26 million.
Highlights From This Week
Take Part in This Week’s Activities
- Multi-Asset Mode - Switch on Multi-Assets Mode to become one of the lucky 200 users to win $2,000. All you need to do is follow the steps in this promotion to win!
- #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 Sports. Users participating in this week’s WODL and getting at least five correct answers will qualify for an equal share of $10,000 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 Oct 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 Football Fan Token Index (FOOTBALLUSDT) Perpetual Contracts with up to 25x leverage.
- Cross Margin - Binance added AVA as new borrowable assets on Cross Margin and AVA/BUSD and AVA/USDT as new Cross Margin pairs.
- European Options - Binance will perform a product upgrade for European-style Options at the end of Q3 2022.
***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.
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