Experts of the Crypto.com service spoke about the statistical data on the cryptocurrency market for the past week, as of October 3, 2022. They noted that the price of the flagship digital currency Bitcoin (BTC) has been falling for almost the entire last year. However, the correlation of the virtual asset (90-day moving average) with gold, a traditional inflation hedge, has grown over the same time period.
According to analysts, this was the result of market stress, when investors become promiscuous and sell everything except cash in a panic. It was also noted that the cumulative balance on centralized trading floors, for both BTC and Ethereum (ETH), has declined over the past week. A similar indicator of BTC on over-the-counter platforms continues to fluctuate around the annual minimum.
As for crypto derivatives, the put/call ratio for Ethereum has been gradually decreasing and has reached a local minimum in 12 months. The 1-month implied volume was 65.0% (vs. 66.5% a week ago) for Bitcoin and 82.7% (vs. 90.9%) for Ethereum. Perpetual futures funding rates remained positive for BTC. At the same time, they were negative for ETH.
The net long position of asset managers in bitcoin contracts on the CME is up a few percent from a yearly low hit early last month. According to experts, in general, the situation on the market did not look critical and market participants had no reason for global disappointment.