1/ Bitcoin analysis

Last week, BTC moved within the range of 27k to 28.5k. In terms of TA, BTC broke above the EMA50 and EMA200 and remained above them for over 9 days. There is a strong support level around 27k and of the two EMAs. As a result, it is expected that BTC will continue to hold above this level this week.

2/ Derivatives Data

OI plummeted by over $400m, causing large long traders got REKT. The lack of a subsequent rally in OI suggests that majorly traders are closing their positions.

3/ Trend Accumulation Score

Since October, the cohort > 10k has started distributing after accumulating in the previous week. In contrast, the cohort < 1 is showing strong accumulation. That's why we witnessed a Bitcoin rally after it retested the 27k level.

4/ Stablecoin

The first significant mint since August occurred on October 6, totaling approximately $560m. This large mint included $200m USDT on AVAX and $260m USDC on Ethereum.

Coinbase has continued to experience net outflows of roughly $200m, which is within expectations according to our last weekly report. On the other hand, Binance has experienced net inflows at a lower level, totaling over $12m. This strongly indicates that the rally is not solid as we mentioned before.

5/ Money Flow

There has been a significant shift in money flow from Arbitrum and zkSync to Mantle and Starknet. Therefore, speculators on Arbitrum should exercise caution at this time.

Additionally, the money flow is moving towards ecosystems that have not yet launched their tokens. The time is right for airdrop farming.

After Binance completed the integration of Ethereum on Base Network, Base has reclaimed the 3rd position in Total value bridged ranking, marking an impressive growth comeback.

6/ Weekly Highlights

Approximately $270,000 was stolen in the Galxe attack, but the website is now fully recovered.

The FTX hacker has transferred an additional $124m worth of ETH to the Bitcoin network.

The developers of Friend.tech have earned over $20m from the Social Dapp.

Merlin Bridge, one of the initial applications of Chainlink's CCIP, has successfully completed its testnet testing.

Ethereum Futures ETFs have gone live, with the first day trading volume being less than $2m.

The social app Stars Arena has been exploited, resulting in the loss of their entire $3m worth of assets.

Gains Network, a synthetic trading DEX, has updated their tokenomics by increasing the staker revenue for $GNS to 80%.

TProtocol announced the launch of $USTP, a stablecoin with exposure to US Treasury yield.

Conclusion

Coinbase exchange has witnessed a substantial net outflow in the past two weeks, indicating caution among U.S. institutions during this period.

Simultaneously, speculators on Arbitrum should exercise caution due to a significant money flow shift from Arbitrum and zkSync to Mantle and Starknet.

#BTC #crypto #ETH