Dec.26-Jan.1(ETH)Weekly market recap

Hi Sypoolian, happy new year. As the window period of BTC ETF approaches, the fluctuations
of market gradually amplify. The current options open interest in BTC is at an all-time high, approaching $20 billion. On Deribit, among the options with expiration dates on January 5 and January 12, the number of call options is clearly leading. At strike price, the $50,000 call option leads in volume. These indicate that the market expects the BTC ETF to pass with a high probability, and in the short term, BTC may reach around $50,000.

In addition to the predictions given by the options market, we also see the GBTC premium shrinking further. As well as Ark investment funds gradually reducing their holdings of GBTC, these all show that the adoption of BTC ETF is getting closer. (We believe that in the case where Ark Investment Fund has applied for a BTC ETF at the same time, reducing the share of competitors is an act of betting on the approval of the BTC ETF).

ETH broke through the given resistance level after rising but did not break through the high. The trading volume is low, which again makes us question the bulls. We raise the resistance level to 2500 and maintain the original support level 2120.

On the daily level, ME shows that ETH maintains its bullish trend. On the WTA indicator, whales did not give much support to the rising process, and appeared more in shocks and declines. ETH is currently close to the high again, but judging from the whale's past behavior, it is difficult to rise directly above 2400.

Switch to level 4h. Although the ME indicator continues to suggest a bullish trend. But yesterday's rise did not have a blue column.

To sum up, ETH still plays the role of a follower. In the past month, ETH's rise has been sudden, and more of the time it has been in the process of adjustment. We believe ETH remains bullish, but the continuation will be the same as before.

Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.


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