Record highs
Road to 20k
The relentless appetite for risk drove the market higher yet again and with that, aggregate Bitcoin futures open interest (OI) advanced to a new record high. Interestingly, the CME has lost some ground to the likes of OKEx and Binance, although the OI still remains above $1 billion.
Nevertheless, with the contango structure abound, the path towards $20,000 is still intact, even if the path is turning out to be choppier than some would have hoped.
Making Noise
While Bitcoin continued its bull riding proceedings, the boisterous market for Ethereum is no longer so and in fact, while Bitcoin OI is back at its highs, Ethereum’s OI has made little progress since the 2.0 beacon chain was activated in the wake of sufficient funds being deposited. At the same time, the amount of Ethereum locked across DeFi has risen to above 7mln and is at its highest level since November 24. It is worth bearing in mind that while the total number of Bitcoins locked on Ethereum network did decline since its peak, the actual notional value of Bitcoins is much higher as the assets were minted at much lower absolute levels. In turn, the total value locked across various DeFi offerings now stands at $14.95 billion.
In the Markets
Making Noise
While Bitcoin continued its bull riding proceedings, the boisterous market for Ethereum is no longer so and in fact, while Bitcoin OI is back at its highs, Ethereum’s OI has made little progress since the 2.0 beacon chain was activated in the wake of sufficient funds being deposited.
At the same time, the amount of Ethereum locked across DeFi has risen to above 7mln and is at its highest level since November 24. It is worth bearing in mind that while the total number of Bitcoins locked on Ethereum network did decline since its peak, the actual notional value of Bitcoins is much higher as the assets were minted at much lower absolute levels. In turn, the total value locked across various DeFi offerings now stands at $14.95 billion.
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