L1 Performance, Funding Spikes, Options Get More Expensive

SEP 02, 2021 • 3 Min Read

Disclosure: Delphi Ventures and members of our team have invested in BTC, DPX, FTT, ETH, AR & SOL. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Key Takeaways

  • Layer one coins have done extremely well over August, thanks in part to several announcements of ecosystem-wide liquidity mining. AVAX ripped upon the announcement of a $180M liquidity mining program, followed by a relentless bid on SOL. Fantom’s liquidity mining, though misunderstood, also sparked a rally in FTM. KSM and DOT look primed to join the party.

  • Funding was at healthy levels throughout August, but made a massive push up as traders aped into ETH perp longs. Funding began to spike just before ETH’s monster candle yesterday, which makes it clear that the perp market played a key role in pushing ETH above $3,500.

  • As ETH and other crypto assets started to run, a narrative that trend structure is similar to summer 2020 — where BTC consolidated and everything else rallied — began to emerge. The spike in funding, however, shows us that there’s still demand for BTC in the market as traders began to long BTC in anticipation of it catching up.

  • Implied volatility for short-term options is beginning to increase again, which means the cost of buying these options is going up too. Realized volatility for ETH is also starting to increase after a flat August.

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