Bitcoin Remains Mute, DeFi Reaches New Highs and Stocks Await Results — Market Watch Weekly

This week saw Bitcoin ( BTC) continuing its recent sideways trend, oscillating in a narrow range of $300 as its one-month realized volatility reached a 15-month low. The leading digital currency hit a weekly high of $9,342 on Monday, followed by a weekly low of $9,047 on Thursday, after which the price settled around $9,200. BTC ended the week down 0.95%, as per the OKEx Spot Price.

Typical large-capitalization cryptocurrencies did not show much improvement in the week either, mostly underperforming Bitcoin. Ether ( ETH) was down a moderate 1.25%, while Litecoin ( LTC) and Bitcoin SV ( BSV) plunged 4.48% and 6.69%, respectively.

While Bitcoin remained range-bound, DeFi tokens such as ChainLink ( LINK) and Kyber Network ( KNC) surged in the middle of last week. LINK tested the $9.00 resistance twice before pulling back to its current $8.00 price. Increasing by 9.36% over the last seven days, LINK almost doubled its price from the monthly open of $4.60. KNC realized its fourth straight week of gains, adding another 6.28% this week. Currently, it has retraced to $1.75 after testing the $2.00 resistance.

The DeFi surge continues as the total value locked in DeFi projects, or TVL, has reached a new high of $3.09 billion, as per DeBank’s data. The TVL calculates the total value in USD of all ETH and other supported cryptocurrencies locked in smart contracts.

Right now, lending projects Maker and Compound are the leaders in terms of TVL, both having over $600 million in locked value.

Leverage up again

While the market still has no clear direction, open interest in the derivatives market is back at mid-March levels. OI for BTC futures has topped the $4 billion mark, while OI for ETH futures has approached its record high of $800 million. These OI numbers reflect, to some extent, the enthusiasm of market participants.

Meanwhile, we have seen implied volatility pick up a bit in the last couple of days, though realized volatility has been running low. Implied volatility measures the market’s expectation of future volatility, indicating that market participants would prefer volatility to return sooner.

Please visit https://www.okex.com/ for the full report.

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