FameEX Weekly Market Trend | April 24, 2023

1. Market Trend

Between April 19 and April 23, the BTC price fluctuated between $27,175 and $30,450, with a volatility of 12.05%. According to the 1-hour candle chart, the price slightly oscillated before starting falling at noon of April 19 and continued to fall until the evening of April 22 when it stopped falling and entered a period of fluctuation. The range of the decline exceeded 10%, indicating an obvious downward trend.

Source: BTCUSDT | Binance Spot 

According to the ETH/BTC trend between April 19 and April 23, the ETH/BTC price displayed a fluctuation of 3.59%. From the 1-hour candle chart, the ETH/BTC price first slightly declined, then maintained a fluctuating trend, and most of the time it operated below the weekly chart.

Source: ETHBTC | Binance Spot 

Overall, the market is in a state of fluctuation after a general decline, with weakening enthusiasm for altcoins and a general downturn in the market. The short-term trend is unclear. Therefore, it is not advisable to trade.

Looking at the ahr999 hoarding indicator, the current value of 0.73 is between the buy-dip line ($21,620) and the DCA line ($35,300), indicating that it is still appropriate to invest in popular coins through a fixed amount.

Source: OKLink

From the perspective of MVRV Z-Score, the value was 0.56. When the value is greater than 6, it enters the market tops, while a value below 2 indicates that it enters the market bottoms. Currently, the present value exceeds the buying-the-dip range of (-0.4-0.1)

Source: coinsoto

2. Perpetual Futures

In general, the 7-day cumulative funding rates for the popular coins across major exchanges were positive, indicating that long leverages are relatively high.

Source: coinsoto

Compared to the beginning of the week, the contract open interest of BTC and ETH from major exchanges fell 13% and 22%, respectively, implying that the market focuses on reducing positions to avoid risks.

Exchange BTC Contract Open Interest:

Source: coinsoto

Exchange ETH Contract Open Interest:

Source: coinsoto

3. Industry Roundup

1. 1) On April 19, Sui will launch its mainnet on May 3, and the testnet version has been updated to v0.32.0.

2. 2) On April 20, according to data, over 3.1 million Ethereum had been burned, with a value of over 6 billion US dollars.

3. 3) On April 20, HKEX stated that entering the virtual asset market through ETFs is safer, more compliant, and more risk-controlled.

4. 4) On April 20, BNB Chain’s Q1 market value rose by 24.9% QoQ, but its revenue decreased by 11.7% QoQ.

5. 5) On April 20, CZ stated that they are ready to make adjustments to their business in the next 12-18 months to ensure full compliance.

6. 6) On April 21, the number of active users on Uniswap reached a two-year high.

7. 7) On April 21, the floor price of BAYC dropped below 50 ETH, and a large number of BAYC will be liquidated on BendDAO.

8. 8) On April 22, the Ethereum Cancun upgrade is expected to take place later this year.

9. 9) On April 22, data showed that Tether has issued an additional USDT worth 15 billion dollars since the beginning of this year.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.