Since Wednesday, Bitcoin has been on a slight downward trajectory, hitting a local bottom of around $88k on Friday. Since then, BTC has been slowly working its way back towards the $90k level. The war in the order books continues in this choppy environment, with volume tailing off and concentration drifting from charts to yule logs. Not much is expected to hit the tape as the year winds down, with the upcoming FOMC on Wednesday expected to deliver a 25 bps rate cut. The market continues to be undecided about what it wants to do, with flat funding rates, minimal basis, and low priced volatility. The sell pressure coming from old bitcoin whales and perhaps defunct funds/companies from early October seems to mostly have subsided. General sentiment is seemingly subdued, but leaning towards fearful on the crypto fear and greed index.
Ethereum is back above $3k again, after briefly flirting with danger below on Friday. Much like the rest of the market, Ethereum has been chopping around since regaining its footing after touching the $2.6k level. ETH has benefited from the spotlight this week with the Fusaka upgrade, but is still quite far away from where it was trading just a month ago. Much like BTC, ETH funding rates are flat, but volatility is still on the expensive side. Skew slightly favors puts at the moment for the end of the year, but we are seeing flow going into strikes at the money on the call side of the equation on this Saturday morning. What will the market do next week?
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