• As most cryptocurrencies look for a better liquidity point in this bearish sentiment and the distribution of volume towards the top gainers, we present a summary of the main news for this day.

• Ethereum is having high activity within the options market with respect to Bitcoin. To this is added that Solana and SafePal walked towards significant appreciation.

• We continue to cover On Chain data that shows market recovery and consolidation within critical supports.

Futures Open Interest

General activity across Ethereum futures and options markets in 2023 is notably below levels seen throughout 2021 and 2022, according to Glassnode las report.

That it explains that the average daily trade volume across both markets has declined to just $14.3B/day, which is around half the average volume over the last two years.

Also, this week, volume is even lower at $8.3B/day, suggesting liquidity continues to drain from the space.

In addition, Ethereum futures open interest peaked around the Shanghai Upgrade, suggesting this was the last major speculative event for the asset.

Good Stats

SLRV tapes reversed on Aug 13, three days before Bitcoin dropped to $25k. The last time the metric was reversed was just before the FTX collapse.

The SLRV Index shows the percentage of existing Bitcoin that was last moved within 24 hours divided by the percentage that was last moved between 6 and 12 months ago.

When the index is low, it suggests there is little near-term activity and interest in Bitcoin and/or a growing base of larger-than-normal long-term holders.

In other way, a percentage of circulating supply, bitcoin moved in the last 30 days is at an all time low of 5.4% (94.6% dormant), meanwhile spot volumes are at levels not seen since 2019.

Saying this market is thin currently is an understatement - remember BTC inelasticity can cut both ways.

Going To Pump

Solana (SOL), the native cryptocurrency of the network that goes by the same name, reacted higher today.

It rose more than 5% this Tuesday, September 5, exceeding USD 20 for each SOL, which leads it to trade again at levels it had last week. This positions the cryptocurrency among the 5 that had the most gains in the last 24 hours.

Meanwhile, the main currencies in the market, Bitcoin (BTC) and Ethereum (ETH) registered the opposite behavior. They have developed a slight drop of less than 1% so far this day.

The rise of SOL against the wind of the market occurred just after the Visa payment network announced that it is advancing an initiative related to its ecosystem.

Also, The number of daily active addresses on Solana, using a seven-day moving average, plummeted to around 204,000 on Aug. 31, according to The Block’s Data Dashboard.

The 7DMA metric shows the average value of a data point over the past week and can help spot trends, it says the report.

Favorite Token

SafePal (SFP) token, which is used for governance in the hardware wallet of the same name, had a price increase of close to 15% in the last 7 days.

Its price went from USD 0.50 to USD 0.59 in this period. At the time of this publication it shows a slight decrease and is trading for USD 0.58 in centralized exchanges such as Binance and Kucoin; and decentralized like PancakeSwap.

Although the rise is of a significant magnitude, it is still far from its all-time high, above USD 3.50 reached in March 2021.

The main driver of this increase was the launch, at the beginning of September, of a limited edition of the hardware wallet in conjunction with the developer team of the Klaytn network.

With the acquisition of these devices, the buyer became the owner of a non-fungible token (NFT), also of limited edition.

Other Important Data

Bitcoin remains in the same resistance zone on the RHODL Ratio that has trapped price into sideways price action for up to 8 Months!

The Bitcoin bottom is in with a visit deep into the green zone and pivot outside of it.

But now price has been wrapped inside the confines of this resistance zone for 6 months. Completely standard in every early cycle development.

Spending the same amount of time in this zone as last cycle gives us new highs and an escape in November.

Second Best Asset

Ethereum saw two separate whale transfers to Coinbase, each worth 150k ETH.

Among the biggest of 2023, this is the biggest spike in onchain transactions since June 13th. The reasons for these movements are unknown and may not necessarily impact the price.

Also, Ethereum’s on-chain metrics point to a stagnation in demand, both in terms of ETH investments and smart contract transactions, according to CoinTelegram last report.

Number of Ethereum addresses holding a minimum of $1,000 worth of ETH deposits has reached its lowest level in nearly six months.

This is concerning, considering that Ether’s price reached a peak of $2,130 in mid-April, which should have attracted new investors.

Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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