itscorrekt

On $ETH Staking ETF https://x.com/itscorrekt/status/1890016694590177576?t=EOUtR-vdFiABR5GdTEgiSg&s=19 #ETH

(continue.....) 7️⃣ Crypto ======== ∘ $BTC ↑ +1.65%, $ETH ↑ +2.60%, $SOL ↑ +5.70%, $BNB ↓ -0.40% ∘ Fear / Greed Index = 75 ↓ ➜ ATH $BTC ETF inflows yest (see attached) ➜ $GRASS and $NEIRO are the biggest outperformers. Even $ADA is ↑ +15% ➜ some TP-ing for $LDO as insiders sent tokens to CEX ➜ $SOL is $200 again. The dream of a $SOL ETF is a powerful mechanism to keep $SOL trending up. Again Gary's sacking / quitting should be a euphoria top for that narrative 8️⃣ Crypto Vols ============ ∘ $BTC DVOL = 53.23 ↓ ∘ $ETH DVOL = 62.70↑ 🔥 ∘ $SVIV = 94.09↑ 🔥 ➜ curious divergence in $BTC vs $ETH and $SOL ATM vols (see attached) 🤔$BTC is a 800-pound gorilla now and while it's the pristine asset in crypto, there is less upside as it takes a lot of money to move it up. The divergence in vols for $ETH and $SOL makes me think that hot insti-like money is chasing alpha in the next 2 most liquidity crypto in $ETH (under-valued) and $SOL (most mo-mo + ETF) instead We witnessed big call buying in #ETH yesterday already. $SVIV has spiked as well and the $SOL options market will only get more liquid from here henceforth and worth monitoring as an expression of market sentiment for alts The HTF likely trajectory for $ETH, and esp $SOL IV, is higher for now as calls are bought for delta upside, then later reverse structurally lower as calls are sold for yield as the market matures ➜ the continued increase in OI for CME futs and options is the best indication that the instis are coming (see attached) 🔥Significant Option Trades, Flows and OI Changes Big Trades ∘ +5000x ETH-27DEC24-3100-C / -5000x ETH-27DEC24-3600-C ∘ +3000x ETH-27DEC24-3000-C ∘ +3000x ETH-38DMAR25-3300-C Volume ∘ -1000x $BTC $80k C ∘ +30000x $ETH $3000 C 🔥 ∘ -23000x $ETH $3000 C 🔥 Open Interest ∘ +1000x $BTC $75k, $77k, $90k C ∘ +15000x $ETH $2.8k C 🔥 ∘ +10000x $ETH $3.2k C 🔥 ∘ +9000x $ETH $3.8k C 🔥 ∘ +20000x $SOL $195 C 🤔 big calls for $ETH bought again. Same with $SOL 9️⃣ Asia Mkt ========== ∘ $NKY = 39,460 +0.20% ∘ $HSI = 20,895 -0.25% ∘ $SHCOMP = 3,476 +0.17% ➜ down day for China + HK #mkt_summary

On $ETH Under-Performance ∘ since the $NKY crash on 02-Aug-24, of the 4 majors crypto coins: $BTC / $ETH / $SOL / $BNB have bounced ∘ all but $ETH have completely recovered the drop in price and OI ∘ $ETH price is -15% ↓ from that on 02-Aug-24 while OI is -7% ↓ on the same day 🤔 if $ETH is a typical altcoin (the more "blue-chip" variety nonetheless) then it would be kind of be a screaming buy, given the obvious under-performance to its peers ❓ is $ETH MC too big for a mean-reversion bid by the market? Is it that big an asset that it needs its own definitive identify else $ETHBTC is destined to continue to ↓? Would love some feedback from the subs if possible 🙏 #majors#eth