The institutionalization of Bitcoin
Every week we bring you the three most important charts on the topics of macroeconomics, Bitcoin and digital assets.
Today we'll cover:
The institutionalization of Bitcoin.How Bitcoin is beating gold: a shift in global store of value.Is Ethereum underpriced relative to Bitcoin?
Crypto Derivatives: Analytics Report – Week 10
Futures-implied yields for BTC and ETH rose strongly during the rally to all-time high BTC prices, indicating a return to the strong demand for leveraged long exposure that we saw build-up ahead of the ETF announcement in late January. This is echoed by the extremely high funding rates for each coin. In a repeat of their reaction to last week’s spot rally, the term structures for both majors have inverted significantly, with the implied volatility at the front end reaching ~75%. Similarly, the volatility smiles are skewed strongly towards OTM calls, with a slight out-performance for BTC upside exposure over ETH.
