Huobi Research
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Huobi Research

Weekly Market Analysis (2022/02/20–2022/02/26)

Abstract

Macro environment:

  • Biden: U.S.-Russian relations are completely broken, pushing forward “devastating” sanctions against Russia; oil prices into the “$100” era; U.S. stocks ended a turbulent week with two consecutive days of big gains; Fed’s “King of Hawks” Bullard: Fed’s Daley: inflation has spread to multiple sectors, inclined to raise interest rates at least four times.

Spot market:

  • Market Overview: The overall market capitalisation of cryptocurrencies stood at US$1.776 trillion, down 0.62% from last week.
  • Technical analysis: BTC returned to a downward trend after being stirred up. ETH returned to a downward trend after being stirred up with more pressure.
  • Stablecoins and Capital flow: Stablecoins are slightly increased this week. BTC balance in exchanges’ wallets remained stable, ETH balance in exchanges’ wallets rose slightly.
  • Miner: The BTC hash rate decreased slightly.
  • Compliance agency: AUM of mainstream BTC ETF declined slightly, AUM of ETH ETF declined slightly.

Derivatives market:

  • BTC futures open interest decreased this week, with trading volume increased slightly. BTC-compliant market futures contracts remained stable, with volume increased obviously. The BTC perpetual contract funding rate fluctuated around zero.
  • BTC options open interests remained unchanged this week. BTC Option IV started to recover this week. The long-short ratio of BTC futures fluctuated slightly, the long-short ratio of options increased, and the market sentiment was stable.
  • The open interests of ETH kept stable this week, with trading volume increased. ETH perpetual contract funding rates fluctuated around zero.
  • ETH options holdings remained stable this week. The IV of ETH options has rebounded significantly this week.

Weekly Market hot spots :

  • ZkSync 2.0 public test network of Ethereum scaling solution is officially launched.

About us

Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content includes industry trends, technology paths, application innovations in the blockchain field, model exploration, etc. Based on the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with governments, enterprises, universities and other institutions through various forms to build a research platform covering the complete industrial chain of the blockchain. Industry professionals provide a solid theoretical basis and trend judgments to promote the healthy and sustainable development of the entire blockchain industry.

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Disclaimer

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Huobi Research

Huobi Research

Blockchain industry top think tank, affiliated to Huobi Group.