Waiting for spot ETFs: a new overview of the cryptocurrency market

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5 minutes.

Opinion

A week of slight decline was replaced by a modest growth.There is still no clear trend in the crypto market.Investors continue to wait for the right moment to start vigorous purchases.

Bitcoin

From August 4 to August 11, 2023, bitcoin grew by 1%.At the same time, in the middle of the week, the first cryptocurrency by capitalization tested the $30,000 mark, but did not find success.Most of the sessions for seven days, five, turned out to be negative.

Source: tradingview.com

In general, the decrease in the overall volatility of BTC is no longer a one-time action, but rather a new reality.In the week, again, the price did not increase by more than 2% on any of the days.Some experts explain what is happening by the fact that investors have now reoriented from spot bitcoin to derivatives.Analyst Dylan LeCLair has reported that the ratio between BTC trading volume and derivatives is at an all-time low:

"My opinion is that in the market, derivatives traders are strangling each other into oblivion; Spot bears have almost run out of coins, and spot bulls have also almost completely moved away fromtraditional trading pending approval of the ETF by the U.S. regulator."

It is possible that increased activity will appear after the options for 17,000 bitcoins expire on August 11.At the same time, the highest strike price on them = $29,500.The ratio of put and call options is0.42, which indicates fewer bears compared to bulls.Such
Statistics are provided by the portal Greeks.live. They believe that the main source of news for the industry remains the approval of spot bitcoin ETFs. 

In terms of technical analysis, BTC continues to remain in a narrow range between $28,500 and $30,500 .These values act as support and resistance levels.The RSI dropped below 50, suggesting some dominance of bears.In addition, the continued decline of the ATR indicator confirms the decrease in volatility.

Source: tradingview.com

Index
Fear and greed have decreased by three points compared to a week ago.The current value is 51.It is still in the neutral zone, signaling parity between fear and greed.

Ethereum

The growth of ether over the past week was comparablewith Bitcoin and amounted to about 1%. Only if BTC tried to storm the bastion of $30,000, then the second largest cryptocurrency by capitalization fell below $1,800, and failed to reach $1,900.

Source: tradingview.com

The trends for ether are the same as forbitcoin. There is also anticipation of the approval of ETFs, but not spot ones, but futures ones. At the same time, the volatility of the instrument is also not at its best: the maximum price change last week was only 1.58%.

However, recent trends are notprevent large players from continuing to accumulate ether reserves in their accounts. According to the analytical platform Santiment, the number of coins in the ten largest wallets reached 34.6% of the total mass. Over the past five years, the figure has more than tripled from 11.2%. In absolute numbers, the accounts of the ten largest wallets
were replenished during this period by almost 28 million ETH or $51.6 billion.

Ether continues to gradually decline aftergrowth, which was observed from the second half of June 2023 to the first half of July. This week's low, around $1,800, is a support level, and $1,950 is a resistance level.

Source: tradingview.com

Aptos

Aptos, which ranks 34th incapitalization among all cryptocurrencies, showed better dynamics than the recognized industry leaders and grew by more than 5% over the past week. Moreover, on August 9, the cost of the token was another 15% higher.

Source: tradingview.com

This rapid growth is explained by the fact thatinvestors reacted positively to Aptos' agreement with Microsoft in the field of using artificial intelligence technologies. One of the innovations will be the Aptos Assisstant chatbot. Its tasks should include answering questions about the cryptocurrency ecosystem, as well as providing resources for developers of smart contracts and decentralized applications (DApps).

In addition, Aptos and Microsoft have agreed tocooperation in the field of finance, including with regard to central bank digital currencies (CBDC). The platform will embed its native Move programming language into the service using GitHub Copilot artificial intelligence. This should 
enable improved contract development, as well as streamline testing, review and formatting processes.

From the point of view of technical analysis, Aptos has been sideways for two months now. The lower ($6.66) and upper ($8.32) boundaries are the support and resistance levels, respectively.

Source: tradingview.com

In total, in the crypto industry it is stillthere are no serious movements. In general, the focus of investors' attention has shifted from trading individual coins to derivatives. At the same time, the further dynamics of cryptocurrencies depends on how quickly (and whether) spot Bitcoin ETFs will be approved in the United States. Aptos' growth was due to agreements with Microsoft.

This material and the information in it does not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts. 

 

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