Reactivated BTC Whales and Market Cycle Transitions

A recent analysis by @Whale_Alert showed that three BTC whales from the Satoshi era have reactivated in the past week, with one moving approximately $11M worth of BTC after 12 years of inactivity. This indicates that some long-term HODLers might be cashing out their profits. The BTC MVRV ratio, which has historically been excellent at identifying market cycle transitions, has reached a new high in 11 months. This suggests that there’s still room for growth before the 2024 halving as BTC moves away from the accumulation zone.

Crypto Derivatives: Positive Funding Rates and Options Market Sentiment

In the crypto derivatives market, BTC and ETH funding rates remain positive, with the 30-day ATM IV rising to 48.49% for BTC and falling to 52.10% for ETH. The 30-day 25-delta put skew eased to -0.39% for BTC, while tightening to -4.09% for ETH.

Top 3 CEX USDT Perp Funding Rate Arbitrage

The options market sentiment for the 28 April contract appears bullish for ETH, with a focus on the $1.9K calls. Noteworthy trades include skew reversion trades for 625 BTC contracts and 6.11K ETH contracts.

DeFi and CeFi: Asset Growth, Regulatory Clarity, and Innovations

DeFi and CeFi developments include Franklin Templeton OnChain U.S. Gov. Money Fund surpassing $270 million in AUM, Coinbase seeking regulatory clarity from the SEC, and Web3 payroll solution Rise Works closing a $3.8 million seed round. StarkNet, an Ethereum Layer 2 network, published its 2023 roadmap focusing on performance and user experience improvements. South Korea’s National Assembly also passed the Virtual Asset Investor Protection Act, and DeFi protocol DFlow raised $5.5M to bring payment for order flow to the crypto market.

Macro and TradFi: Consumer Confidence, Political Landscape, and Stock Market Movements

On the Macro and TradFi front, US consumer confidence dropped to a nine-month low in April as concerns about the labor market and inflation grew. President Joe Biden has launched his bid for re-election, facing challenges with a weak economy and voter concerns about his age. US stocks experienced their biggest drop in two months, with the S&P 500 losing 1.6%, DJIA falling by 1%, and the Nasdaq Composite sliding 2%. Bank shares fell broadly, with First Republic Bank’s shares plummeting by 49% by the end of the session. However, tech stocks rallied in after-hours trading following better-than-expected earnings reports from Microsoft and Alphabet.

Monitoring Market Landscape for Informed Decisions

The reactivation of BTC whales, developments in crypto derivatives, and DeFi and CeFi advancements indicate a dynamic market landscape. With the ongoing Macro and TradFi news, investors should keep a close eye on these trends to make informed decisions. As the crypto market continues to evolve, staying informed on current events and market trends will be crucial for investors seeking to capitalize on emerging opportunities.

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