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• Ethereum traders have been buying call options on ETH despite expected uncertainty as the Shanghai Upgrade approaches.
• Despite this positive interest, velocity and network growth have started to decline.
• The potential selling pressure could be offset by ETH being unstaked from the beacon chain after the upgrade.

Ethereum Traders Issue Large Call Options

Despite expected uncertainty due to the upcoming Shanghai Upgrade, Ethereum traders are still buying large call options on ETH. Whales have begun to show interest in Ethereum, however, velocity and network growth have started to decline.

Implied Volatility Dropping

The overall number of traders buying call options has significantly increased in recent times which suggests that many traders are making bullish bets on ETH. One potential reason for this is due to a sharp drop in Implied Volatility for ETH which indicates that the market does not expect much volatility for ETH any time soon.

New Addresses Joining Network

Additionally, new addresses have started joining the Ethereum network and reached an all-time high of 95.89 million addresses according to glass node’s data. Many of these addresses were unprofitable prior but now they are profitable which may lead to an increase in selling pressure on ETH when holders decide to exit their holdings with profits.

ETH Unstaked From Beacon Chain

However, when Ethereum is unstaked from beacon chain after the upgrade completion, those who had staked their holdings will be rewarded with ETH which could potentially offset any selling pressure when holders HODL instead of selling their holdings immediately after receiving them.

Conclusion

Overall, despite expected uncertainty surrounding the Shanghai Upgrade, Ethereum traders have shown positive interest in trading call options while whales start to show more involvement in Ethereum’s market activity too. As such, a spike in network activity was observed culminating into reaching an all-time high of 95 million addresses joining the network according to glass node’s data . While there is potential selling pressure due to holders exiting with profits from newly profitable addresses , it might be offset if those holders decide not sell immediately but rather HODL their rewards from unstaking post Shanghai Upgrade completion .

• Binance Coin [BNB] reacted positively over the past two days, gaining 20.5%.
• The daily market structure has turned bullish, with a pullback as deep as $290 still possible.
• Spot CVD surges past February highs in response to demand and long positions are dominant in the market.

Binance Coin [BNB] Gains 20.5%

Binance Coin [BNB] reacted extremely positively over the past two days of trading and gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.

Daily Market Structure Turns Bullish

The daily timeframe shows that the market structure for Binance Coin [BNB] has turned bullish once more. A strong confluence of support at $292 was found, along with 78.6% Fibonacci retracement level at $276.7, which is almost same as the Value Area High ($322.8) and Low ($274.7). Moreover, RSI crossed over above neutral 50-level and OBV recorded gains indicating bullish momentum has taken root in the currency’s price action from early March showed that $285-$292 region was significant support on lower timeframes too.

Spot CVD Surges Past February Highs

The funding rate had been negative over last two days but it slowly climbed back into positive territory which implied that long positions were dominant in the market again– Signs of a possible flip in sentiment were seen here too. The rising spot CVD underlined strong demand, however Open Interest dipped during this period yet price appreciated showing weakening bearish sentiment among traders.

Beware Of Pullbacks Despite Bullish Sentiment

Although bullish sentiment seems to have taken control of BNB’s market structure, pullbacks are still quite possible before it can sustain its move higher up charts again; therefore longer-term buyers can wait for a retracement into $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend again..

Profit Calculator & Price Projections For BNB

Is your portfolio green? Check out the Binance Coin Profit Calculator to find out how much 1, 10 or 100 BNB worth today and make projections according to your preferences!

• Bitcoin [BTC] traders seem unperturbed about the king coin’s drop below $22,000, with traders in the derivatives market still keen on opening long positions.
• CryptoQuant’s Bull/Bear Market Cycle Indicator remains in the bull territory and a positive funding rate implies that long-positioned traders are dominant.
• Low sell pressure from whales combined with miners‘ BTC transfers to exchanges earlier in the month point to selling pressure linked to huge amounts of the coin.

Bitcoin Traders Taking Long Positions Despite Bearish Exposure

Despite sustained decline in Bitcoin’s price, traders are preferring to take a long position. This is due to whales’ action which could trigger a bull trend but short liquidations remain at a minimum.

CryptoQuant’s Bull/Bear Market Cycle Indicator

According to CryptoQuant’s evaluation of the market, the surprising positive sentiment could be linked to the Bull/Bear Market Cycle Indicator. The metric is characterized by aggregate view of daily market participants and often corresponds with economic cycle. Although BTC’s price might not reflect it, CryptoQuant confirmed that it is now in bullish domain.

Funding Rates And Whales Activity

Traders’ bias has also translated into action as evidenced by Funding Rates; periodic payments made to longs or shorts based on difference between perpetual swaps and current spot prices. At press time, BTC funding rate was 0.0018 indicating preference for long positions over short ones from traders. Additionally, bitcoin whales appear to be helping cause as their usual spending during correction periods has been low compared to previous cycles; spending below 150K BTC daily instead of 500k previously seen during corrections or before them according to CryptoQuant report.

Selling Pressure Linked To Huge Amount Of Coins

                                                                               
  Despite optimism projected from traders this won’t automatically wash away reds as latest BTC correction correlated with miners and Short Term Holders (STH) activities such as Miners‘ BTC transfers which points towards selling pressure linked with huge amount of coins accordingto CryptoQuant report .

Exercising Restraint Is Profitable For Traders                                                                                                                                                                                                           
  Exercising restraint might prove profitable for traders accordingto CryptoQuant report as they claim that despite any optimism projected by traders prevailing existence of reds won’t change unless bulls gain strength over bears beyond just sentiment expressed by market participants through metrics suchas Funding rates etc .

• Shenzhen, a southeastern Chinese metropolis, has begun issuing digital yuan hard wallets to Hong Kong tourists.
• The goal was to distribute 50,000 wallets between Feb 22-March 31, but only 625 visitors have taken advantage of the offer so far.
• China is promoting the use of its central bank digital currency (CBDC), known as digital yuan or e-CNY, across 26 provinces and cities in the country.

Shenzhen Issues Digital Yuan Hard Wallets

Promoting Adoption of CBDC in China

Shenzhen’s initiative is part of China’s efforts to promote the use of its central bank digital currency (CBDC), known as digital yuan or e-CNY, across 26 provinces and cities in the country. Earlier this year, Shenzhen distributed 100 million yuan (US$14.5 million) in digital yuan during the Lunar New Year which could be used in restaurants and food businesses to aid economic recovery following Covid-19 restrictions.

Digital Yuan Hard Wallet Dispenser Machines

Local authorities in Luohu district on the border between Hong Kong and mainland China installed China’s first digital yuan hard wallet dispenser machines on 18 February. These machines are only accessible to Hong Kong residents and on 22 February, they launched their first self-service card issuing machine for these wallets. Visitors from Hong Kong can obtain them by entering their real names and topping them up with Octopus cards which can then be used to shop at over 1,400 merchants in Luohu district with a 20% government consumption subsidy.

Low Demand for Digital Yuan Wallets

The goal was to distribute 50,000 digital yuan hard wallets during 22 February- 31 March but as of 26 February, only 625 visitors had taken advantage of the offer reported local media outlets. This shows that demand for these wallets has fallen short of expectations thus far despite China’s promotion efforts for CBDC adoption.

Challenges With Adopting CBDC

Despite China’s efforts to promote CBDC adoption it still faces challenges such as limited use cases and competition from other established payment services such as Alipay and Wechat Pay.

• Solana [SOL] market structure could continue to benefit the bears from a macroeconomic perspective.
• SOL attempts to break above $27 resistance but falls 9% and retests the 50% Fib level at press time.
• Recent rejection of the price and open interest (OI) decline highlights bearish sentiment in SOL.

What is Solana (SOL)?

Solana is a high-performance blockchain that enables developers to build scalable decentralized applications quickly and easily. It uses proof-of-stake (PoS) consensus protocol, which is more energy efficient than other protocols such as proof-of-work (PoW). The platform also features faster transaction speeds, low fees, scalability, staking incentives, and other features.

Macroeconomic Uncertainty

Macroeconomic uncertainty is increasing as Fed watchers worry that its aggressive rate hikes to tackle stubborn inflation will continue for longer. Most equity indexes closed in the red on Tuesday and Bitcoin [BTC] failed to maintain the $25k level again, sending the altcoin market into retracement. As a result, SOL shrank 9% in the last 24 hours and falling open interest rates further prolongs its downtrend.

SOL Reaches 50% Fib Level – Can Bears Prevail?

So far, SOL has struggled to break above $27 level – a major selling pressure even in three hour time frame. Its open interest (OI) has also peaked on 21 February before declining thereafter, highlighting bearish sentiment in SOL’s market structure. If the OI continues to fall after SOL closes below $23, it could undermine bulls’ chance of rallying at 50% Fib level giving opportunity for bears prevail instead. The RSI was at 50 indicating neutral structure that could move either direction so investors should monitor BTC price performance as well while trying to estimate price movement of SOL too.

How Much Are 1, 10 & 100 SOL Worth Today?

At press time 1 SOL was worth around $23.97 USDT according CoinGecko data with market cap at 2 billion USDT and 24 hour volume traded around $1 billion USDT making it highly liquid coin relative other coins from top 25 list by market capitalization . So 100 SOL would cost around 2397 USDT or 10 000 USDT if you want buy 1000 pieces of this digital asset .

Conclusion

Overall outlook for Solana [SOL] remains uncertain as recent selloff could extend further down or bulls could take over if BTC hits 25k again pushing up all altcoins prices with it . In any case scenario investors should be very careful when trading this volatile asset especially short term where huge swings can occur anytime .

• Fantom (FTM) gained 10.24% in the last 24 hours
• Santiment data revealed that exchange inflow was down to 293,000 and exchange outflow was higher at 899,000.
• Directional Movement Index (DMI) and Average Directional Index (ADX) indicate potential consolidation for FTM around $0.5 region

Fantom Gains Over 10% In The Last 24 Hours

Fantom [FTM], the smart contract token, gained over 10% in the last 24 hours after holding support. Investors‘ motive towards selling could increase as MVRV ratio spiked. According to ali_charts, who got the data from IntoTheBlock, there was no resistance barrier that could prevent FTM from going upward.

Exchange Flow Overview

Santiment’s data revealed that the exchange inflow was down to 293,000 while its opposite number was higher at 899,000 indicating more accumulation than intention to dump the token.

Technical Outlook For FTM

The technical outlook shown by the Directional Movement Index (DMI) puts FTM in the midst of potential consolidation as +DMI (green), although higher than -DMI (red), did not have the support of Average Directional Index (ADX). The ADX measures directional strength and a value higher than 25 indicates strong directional movement while lower values suggest weak momentum or consolidation. At press time, ADX value is 38.39 but is facing a massive downturn which could drive FTM to swing around $0.5 region.

Towards Bullish Momentum?

For Awesome Oscillator (AO), it seemed that days of bullishness may be over due to repeated red bars signaling an impending bearish momentum.

Market Value To Realized Value Ratio Revived

However, surge seems to have helped investors‘ portfolio as Market Value to Realized Value (MVRV) ratio revived from its lows to hit

• The market structure of Litecoin was bullish, with bulls attempting to push the price above $100.
• Bitcoin saw a small move upward from $22.8k to $23.2k, while Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation.
• Litecoin attempted to break out above $107 but faced some short-term resistance at $102.5, as well as bearish order blocks from early May 2022 around the $100 mark.

Litecoin Sees Bullish Market Structure

The market structure of Litecoin was bullish, with bulls attempting to push the price above $100. Bitcoin [BTC] saw a small move upward from $22.8k to $23.2k and Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“

LTC Attempts Breakout Above 107

Realistic or not, here’s LTC’s market cap in BTC’s terms: Litecoin [LTC] has bounced from the $95 region of support over the past few days, and looked set to break out above $107. On the four-hour chart, Litecoin bounced from a bullish order block formed at $95 and closed an H4 session above $100 but faced some short-term resistance at $102.5 due to bearish order blocks from early May 2022 around the $100 mark.

Bullish Momentum & Demand Behind Asset

The RSI saw a boost over the past couple of days and stood at 59.9 to show strong bullish momentum while Open Interest rose alongside these prices which showed capital entering the market and bullish intent Similarly, The rising OBV showed steady demand behind the asset fueling its rally further.. Therefore, possible take-profit areas for LTC bulls are levels like$106, 115 and 132 while a bullish retest of the$100 zone could be used to enter long positions

Spot CVD Suggests Distribution Above 90

While positive metrics indicated strength behind LTC’s rally ,the H1 spot CVD was in decline throughout February which coincided with its rejection from 102.5 and pullback to 94 . This suggested that there is distribution phase taking place . However potential growth remains as predicted funding rate disagreed with this metric .

How Much is 1/10/100 LTC Worth?

At writing time 1 LTC is worth about US$93 , 10 units are worth US$930while 100 units have value US$9300 .

• According to research, cryptocurrency hacks caused $8.8 million in damages in January 2023, a 92.7% decrease from January 2022.
• Over the month, 24 exploits were identified, transferring $2.6 million worth of cryptocurrency to mixers like Tornado Cash.
• Notable crypto exploits included the loss of $6 million at LendHub, $580,000 at Thoreum Finance, and $650,000 at Midas Capital.

Cryptocurrency hacks caused $8.8 million in damages in January 2023, according to blockchain security company PeckShield. This figure, when compared to the $121.4 million in exploitable losses in January of the previous year, indicated a 92.7% drop in damages due to cryptocurrency hacks. This comes as the cryptocurrency market saw a bullish rebound in January 2023, as well as encouraging reports from the industry regarding decreased exploit-related losses.

The data from PeckShield suggested that 24 exploits occurred over the month, resulting in the transfer of $2.6 million worth of cryptocurrency to mixers like Tornado Cash. This included 1,200 Ether [ETH] and about 2,668 Binance Coin [BNB] in the breakdown of the assets supplied to mixers. The January figure is also a 68% decrease from December 2022, when exploit losses totaled around $27.3 million.

In terms of notable exploits, the DeFi loan and borrowing site LendHub was the target of the largest exploit last month, accounting for 68% of the total loss of $6 million. Other notable exploits for the month included the loss of $580,000 at Thoreum Finance and the $650,000 flash loan attack on Midas Capital. According to DeFiYield’s Rekt database, there were further losses not shown in the statistics, including a $2.6 million rug pull on the FCS BNB Chain [BUSD] project.

All in all, the data from PeckShield indicated remarkable progress in the cryptocurrency industry, with the drop in exploits and losses attributed to a bullish market rebound and improved security measures taken by cryptocurrency companies. With further progress in the same direction, the future of cryptocurrency looks bright.

• SushiSwap’s market indicators suggested a potential trend reversal.
• DeFiLlama revealed that the trading volume of SushiSwap [SUSHI] on Arbitrum was steadily increasing.
• Money Flow Index (MFI), Chaikin Money Flow (CMF), and Relative Strength Index (RSI) were bearish, but Exponential Moving Average (EMA) Ribbon suggested an uptrend.

SushiSwap, the decentralized exchange protocol that allows users to swap Ethereum-based tokens, has seen a surge in trading volume on Arbitrum. On January 23rd, DeFiLlama reported that 44.6% of the total SushiSwap trading volume had occurred on Arbitrum. This news is especially encouraging given the current bullish sentiment of the token, as SUSHI has seen over 6% weekly gains in the past week and is currently trading at $1.36 with a market capitalization of more than $303 million.

However, while the news was encouraging, market indicators are suggesting a potential trend reversal soon. The Money Flow Index (MFI), Chaikin Money Flow (CMF), and Relative Strength Index (RSI) all showed bearish signals, with the MFI and CMF declining and the RSI entering the overbought zone. This could suggest that the price of SUSHI could decline in the coming days.

But there is still hope for the token, as the Exponential Moving Average (EMA) Ribbon suggests an uptrend. This indicator is based on the average prices of the asset over a period of time and is typically used to identify market trends. Given the bullish sentiment of the token, it could be that the EMA Ribbon is in fact accurate and that SUSHI will continue to see an uptrend in the near future.

Despite the mixed signals in the market indicators, the surge in trading volume on Arbitrum is still a positive sign for the token. It suggests that investors are still confident in the token and that they are willing to trade it. The next few days will be crucial in determining whether the trend will continue or reverse, and it will be interesting to see how the token performs.

• The Polygon network has seen a surge in stablecoin flow, impacting DeFi positively.
• An upcoming hardfork could reduce gas fees for users, making Polygon more attractive as a platform.
• Despite the growth of Polygon in the DeFi space, its NFT marketplaces have seen a decline in terms of volume.

The Polygon network has been experiencing a surge in stablecoin flow in recent days, which has had a positive effect on the DeFi space. This has been reflected in the Total Value Locked (TVL) for the network, which has grown by 9% in the last 30 days and is currently ranked fourth on Defi Llama. The higher TVL suggests that more users are participating in the Polygon ecosystem, indicating the potential for further growth.

In order to make Polygon even more attractive to users, the network is planning to implement a hardfork which could reduce gas fees. This would make it more appealing to users, particularly those who are looking to transact on the network but are put off by high fees. The hardfork is scheduled to take place on 01/17 and will hopefully bring the network more users.

However, in spite of the growth of Polygon in the DeFi space, its NFT marketplaces have not been performing as well as other protocols. According to Dune Analytics, there has been a decline in terms of volume on the NFT marketplaces. This could be an indication that Polygon is not as popular as other protocols in terms of NFTs.

Conversely, interest in Polygon’s dApps has remained strong. This is evidenced by the fact that dApps such as Planet IX and Quickswap have seen a spike in the number of unique active wallets. For example, Planet IX has seen a 26.19% increase in active wallets, while Quickswap has seen an increase of 1.25%. This suggests that users are still actively using the dApps and taking advantage of the services that they offer.

Overall, the Polygon network has been experiencing strong growth in the DeFi space and is looking to further entice users with a hardfork that will reduce gas fees. Its NFT marketplaces have not been performing as well as other protocols, but interest in its dApps has remained consistent. The upcoming hardfork could be a major step forward for the network and could help to bring more users to the platform.