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Macro to Crypto 4/4 - Taiamã Demaman (Derivatives and ETFs)

1- Macro to Crypto 2 - Stablecoins 3- Bitcoin and Ethereum 4- And Finally Derivatives and ETFs <-

Nothing changed much in either realms this Week, but it is still important to check because well, we finished a triple witching month in March. So here it is!

In the field of derivatives

Market makers' gamma exposure on Deribit is very high, implying a decrease in volatility, especially considering that the quarterly closing month closed last week. In practice, for every dollar that goes up or down in the price of Bitcoin, dealers will have to buy or sell (always on the opposite side when exposure is high) $3,184 thousand dollars, as shown in the image below.

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Entering into short-term liquidation and momentum maps, there's a possibility of testing up to $68,000, while for a decline, there are accumulated liquidations of over half a billion dollars between $65,000 and $61,000 in the asset's price.

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On-chain analysis (image1)

Any significant changes? Nops! There are still no signs of changes in Bitcoin's quarterly horizon. For this brief correction moment, asset selling by short-term investors is expected to cause losses up to around the average, currently at $56,000 (red line). Falls up to this point are interpreted with a positive bias until there's a continuous selling from long-term holders.

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And what about ETFs?

Analyzing last week's data, the total sales value was $1.14 billion, exclusively from Grayscale sales. Nevertheless, the final balance for the week was positive $808 million, in a continuous accumulation by institutional investors. Show Less

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