Bitget Hot Takes (October 02 - October 08)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.
The latest Bitget Hot Takes can be found here.
Central Themes
• Indicators suggest BGB prices are about to reach a local low.
• 9 Ether ETFs have been launched but didn’t live up to the hype.
• “Hot seat” in the courtroom: SEC’s attempt to appeal Ripple ruling denied; SBF and Gary Wang on the stand.
BGB Soon To Reach A Local Low
As the hype around futures Ethereum ETFs isn’t sustainable, which will be discussed shortly, ETH prices failed to maintain its upward momentum, receding by 2.1% instead. Bitcoin and XRP are the two ending the week in green; compared to their performance, BGB demonstrates modesty with a +0.9% return after 7 days.
The price volatility of BGB from September 11 - October 08 are 0.0067, whilst it’s 0.0086 for the time frame from September 04 to October 01, saying that BGB’s volatility continued to go down, i.e. prices are less likely to experience radical, opposite movements. That in itself is a healthy sign for the token’s price; not to mention the fact that BGB’s volatility is only around half of the Top 5’s figures.
News that can affect trading volume are mainly related to ETH and XRP, hence the surge in both assets’ volume-to-mcap ratio. That of BGB is decreasing a bit towards the weekend, but it still keeps a fair difference with BTC’s and a huge one with BNB’s.
If you are a sceptic, then maybe learn about the perks that come with the wonderful token named BGB first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is:
Off To A Disappointing Start
U.S. bond yields have been on the rise since mid-September, meaning risky assets are competing for capital against bonds as well. So, that’s bad news for both crypto and equities, hence the global market cap as well as crypto stocks are seeing a not-so-good week.
Throwing in low demand for futures ETH ETFs on top of that, the red shown in our market summary is now self-explanatory. We see familiar crypto ETF issuers’ names such as ProShares (issuer of the Bitcoin strategy ETF BITO and the Bitcoin short strategy ETF BITI), Bitwise, VanEck and Volatility Shares (issuer of the 2x Bitcoin strategy ETF), but the combined volume of 9 Ether ETFs in Day One is US$1.7 million. To put it in perspective, BITO attracted US$200 million in the first 15 minutes after launch. ETF analyst Eric Balchunas explained that there are two reasons: one is that Bitcoin is more popular in general and the other is because now is a more difficult time than when BITO was launched.
Apart from the court news regarding the FTX-SBF drama, the crypto market welcomes a positive news as Judge Torres in the Southern District of New York rejected the SEC’s motion to appeal her decision in the Ripple case in July, which states that XRP is considered a security only when sold to institutional investors.
The Latest Bitget News
Notable daily gainers include PCI/USDT (+189.8%), DEGEN/USDT (+130.9%) and CLIPS/USDT (+106.9%), with DEGEN and CLIPS being two Bitget’s initial listings. Bitget Spot Trading’s volume cooled down by 6.1%, and Bitget Futures Markets’s average crypto OI by 2.3%, average Bitcoin OI by 1.1% in the last 7 days, meaning Bitcoin dominance on the futures market is up by another 1.2% to land at 55%. Don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!
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