What to Know:
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Current Market Overview
September has commenced similarly to August, with low trading volumes and minimal volatility, resulting in market influences leaning towards traditional financial updates.
Bearish sentiment is becoming stronger
- Gold’s Strength: Gold reached $3,560 before easing, while global government bond yields fell from their recent highs.
- Bitcoin Activity: Bitcoin funding rates have decreased, stabilizing around 6%. Currently, over 720,000 active perpetual futures contracts are outstanding.
- Public Bitcoin Companies: The multiples for publicly listed bitcoin treasury companies are continuing to decline.
- Example: Strategy (MSTR) is trading at an mNAV of about 1.55, and Metaplanet (3350) is at 1.71 after a 7% decline in Japan.
Crypto Options Expiry More than $4.5 billion in crypto options are set to expire on Deribit this Friday. Of this, the notional for Bitcoin is $3.28 billion, with a max pain point at $112,000.
Recent Data on Deribit:
- Open interest is leaning towards put options, primarily clustered around the $105,000 - $110,000 mark, indicating a focus on downside risk.
Upcoming Events
Crypto
- Sept. 4: Polygon is switching its mainnet token to POL from MATIC; users may need to take action on this.
- Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will discuss digital assets at the CoinDesk: Policy & Regulation Conference in Washington.
Macro Events
- Sept. 4, 8:15 a.m.: ADP will release U.S. private-sector employment data.
- Sept. 4, 9:30 a.m.: S&P Global will publish Canadian manufacturing and services activity data.
Final Note
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