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Bullish Insights – Weekly Market Recap

Insights Sep 9, 2022 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of September 05, 2022.

Bullish Exchange

This week’s peak trade volume (24h): September 9, 2022, $808,083,271

Crypto market highlights
  • Bitcoin supply that was last active a year or more ago has reached an all-time high of 12.598mn BTC which represents almost 66% of the current circulating supply.
  • Last week, digital asset investment total flows saw $9.2mn worth of inflows. Bitcoin saw the majority of outflows at $11mn and Ethereum saw the next largest outflow of $2.1mn. Short Bitcoin saw record inflows of $17.9mn.
  • As BTC dominance drops, it seems we have moved into altcoin season where the index is indicating 96 above minimum altcoin season threshold of 75. This signals that over 75% of the top 50 coins had outperformed Bitcoin in the last 90 days.
  • The number of Ethereum options has spiked since the hype of the Merge. We observe that the put/call option ratio is at 0.25 where call options make up $6.13bn and put options make up $1.54bn.
  • The NFT hype seems to be showing signs of slowing as the average OpenSea transaction value has been exhibiting a downward trend since November of last year. The number of unique buyers has also been on a downward trend as August sees just under 250K unique wallets versus a January figure of almost 450K wallets.
Macro market highlights
  • US equity markets closed lower in last Friday’s (September 2nd, 2022) trading session after fresh unemployment data signaled an increase for the first time in five-months. The US unemployment rate in August came in at 3.7% above July's 3.5%. The S&P 500 dipped by 1.1%, the Dow was down by 1.1%, and the Nasdaq Composite fell by 1.3%. 
  • On Monday, Liz Truss officially named as Britain's new prime minister and Saudi Arabia cut oil prices for Asia during the OPEC+ meeting.
  • US equity markets closed lower in Tuesday's trading session with the S&P 500 down by 0.4%, the Dow was down by 0.6%, and the Nasdaq Composite fell by 0.7%.
  • US equity markets rebounded strongly in Wednesday's trading session with every sector but energy in the green. The S&P 500 rose by 1.8%, the Dow was up by 1.4%, and the Nasdaq Composite climbed 2.1%.
  • On Thursday, the European Central Bank announced a rate increase by 75 bps. In the US, Fed Chair Jerome Powell reaffirmed his stance to fight inflation during a speech in Jackson Hole.
Other updates
  • The Nigerian government is allegedly in talks with Binance to potentially launch a “Virtual Free Zone” for a digital city supporting crypto and blockchain projects. Solana is allegedly looking to add Move support which is anticipated to be about a year away. (Source: COINTELEGRAPH)
  • Singaporean crypto exchange Bybit has allegedly been banned by the Brazilian Securities and Exchange Commission (CVM) for “seeking to raise funds from investors residing in Brazil for investments in securities,” without authorization. (Source: CoinDesk)
  • Mysten labs raises $300mn at a $2bn valuation for layer-1 blockchain, Sui. The Series A round was led by FTX ventures with investment from a16z, Jump Crypto, Binance Labs etc. (Source: WSJ) 
  • Uniswap Labs has expressed support for the Merge and does not intend to support any forks on its web app. (Source: Uniswap)

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