Futures Weekly Wrap (Sep 12-Sep 18): Cryptos Take a Step Back

Binance Futures 3rd Anniversary: Up to 300,000 BUSD, 199 NFTs and More Rewards!

Binance Futures launched exclusive promotions to give away up to 300,000 BUSD, 199 Binance Futures 3rd Anniversary Limited Edition NFTs, and more rewards for new and returning users. Register here to confirm your participation!

Chart of the Week

Bitcoin Gets Rejected 

• At about $19,418.00 on Sunday, Sep 18, Bitcoin was rejected from a critical resistance level.

• From a technical perspective, BTC failed to slice through the 200-week moving average, and the most significant area of support now sits around the 2019 high at $13,888.30.

• Bitcoin needs to gain the 200-week moving average as support to have a chance of marching toward the 50-week moving average. 

Whales Sell BTC 

• The number of addresses on the network with a balance of 1,000 BTC or more continues to decline. 

• Roughly 11 addresses with a balance of 1,000 BTC or more left the network or redistributed their tokens over the past week.

Traders Are Optimistic   

• BTCUSDT Open Interest on Binance Futures slightly recovered towards the end of the week after experiencing a sharp decline on Sep 14. 

• The BTCUSDT Long/Short Ratio closed on Sunday, Sep 18 at 2.19, as 68.68% of all Binance Futures accounts with an opened position in BTCUSDT were net long. 

• Still, BTCUSDT Taker Sell Volume closed the week slightly higher than BTCUSDT Taker Buy Volume.

Weekly Market Movers

***Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.

Find out more about  DEFI Index and trade DEFIUSDT.

News Roundup 

• Bitcoin Halving - Bitcoin’s hash rate hit a new all-time high of 281.79 million, and now the next halving is projected to take place as early as Q4 2023. (Trade BTCBUSD)

• Ethereum Merge - After eight years of work and delays, the blockchain Ethereum has transitioned to a new method of verifying transactions, known as Proof of Stake. (Trade ETHBUSD)

• SEC vs. Ripple - The U.S. Securities and Exchange Commission (SEC) vs. Ripple case entered the much-awaited summary judgment phase, and both parties submitted motions regarding the proceedings. (Trade XRPBUSD)

• Do Kwon’s Warrant - South Korean authorities started yet another investigation into Terraform Labs, and a local court issued an arrest warrant against Do Kwon and five others. (Trade LUNABUSD)

Highlights From This Week

Take Part in This Week’s Activities

• Binance Live - Binance Futures will host a live stream event on Sep 22 with several trading veterans who will discuss their experiences and what the future may hold for trading cryptoderivatives. Join us for a chance to win 900 BUSD and limited-edition NFTs!

• Taker Program - Binance Futures launched the Taker Program with up to a 20% taker fee discount for all USDT-Margined Perpetual and Delivery Contracts until Oct 31.

• Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Oct 31.

• Content Challenge - Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD.   

Trade Our New Listings

• USDⓈ-M Contracts -  Binance Futures launched BUSD-Margined AMB and PHB Perpetual Contracts with up to 20x leverage. 

• Cross Margin - Binance added AMB, SANTOS, LOOM, LUNA, and PHB as new borrowable assets on Cross Margin and AMB/BUSD, SANTOS/BUSD, SANTOS/USDT, LOOM/BUSD, LUNA/BUSD, LUNA/USDT, and PHB/BUSD as new Cross Margin pairs.

New Updates

• Heatmap Widget - Binance Futures launched a Heatmap Widget that displays the top 30 USDⓈ-M or COIN-M Perpetual Contracts in Binance Futures, showing real-time data in the form of blocks that are automatically organized by trading volume and percentage price change.

• Multi-Assets Mode - Binance has updated the maximum deposit limits for margin assets that can be used when trading USDⓈ-M Futures in the Multi-Assets Mode.

• Leverage and Margin Tiers - Binance Futures updated the margin tiers of the ETH USDⓈ-M Perpetual Contracts. ETH COIN-M Perpetual Contracts and LUNA2 USDⓈ-M Perpetual Contracts with new leverage and margin tiers. 

***Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility. 

Risk Warning: Futures trading is subject to high market risk, and all of your margin balance may be liquidated in the event of adverse price movement. The value of your investment can go down or up, and you may not get back the amount invested. Binance is not liable for any losses you may incur and does not provide financial advice. For more information, see our Terms of Use and Risk Warning.