OTC Desk trading update

[object Object]
BTC Markets
OTC Desk trading update

Last week, we saw continued signs of strength across the crypto market with BTC closing the week another 8.6% against AUD, 5.8% on the USD. ETH boasting an impressive 10.8% against AUD, 8% on USD.

As BTC's dominance experienced a slight cool off from its' recent high of 54% (as reported by TradingView) - it has allowed money to flow down to assets such as AVAX, up 53%, as well as SOL and LINK both locking in significant gains and climbing over 35% on the week.

Even by crypto standards, that is impressive price action.

A look at the majors.

In the US equities market, the tech-heavy NASDAQ and SP500 blew through Oct 12th high's, with NASDAQ experiencing moves up 10 out of the last 11 days.

Match that with a look at the VIX, or the implied volatility of the S&P for the next 30 days, we see a sharp retreat down to the September lows of 14.

Traders use the VIX to better understand their risk and position sizing as it can act as a general gauge of fear in the market.

A VIX moving lower can be interpreted as favourable to exposure of risk assets, and when moving higher, it can be seen as a time to cover positions or hedge risk.

The week ahead.

Looking now to the week ahead, US data releases are boasting a triple threat with the focus on US CPI (Consumer Price Index) / Core inflation print, which is released at 12:30am Wednesday morning, Producer Price Index at 12:30am Thursday, Jobless claims at 12:30am on Friday (AEDT). These events can increase volatility and are worth noting down.

Even just a few weeks ago, many were questioning the drop in correlation between Bitcoin and the S&P500, furiously looking for signs to see which chart was wrong.

As it would have it, they were both right.


Eric from the OTC Desk
BTC Markets

Note: Securely trade large volumes through our confidential and personalised OTC Desk. Access global liquidity, tighter spreads and T+0 settlements. Book a call with our team of expert traders today.

Disclaimer: The information provided in this post is for general purposes only. It should not be construed as professional financial advice from BTC Markets Pty Ltd. BTC Markets is not a financial adviser, and you should consider seeking independent legal, financial, taxation or other advice to ensure that the information relates to your unique circumstances. BTC Markets is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this information contained within this email. Past performance is not an indicator of future performance. We note that we may, at any time, change the characteristics of the product. The information provided is intended for recipients in Australia. This information is not to be reproduced without permission.

Prices are accurate as of 14/11/2023.

Get BTC Markets content delivered

Keep up to date with the latest from BTC Markets. Unsubscribe anytime.Subscribe

Find out the latest crypto news

Compliance conversations

Compliance conversations

Read more - Compliance conversations