NFTs explosion supports ether

In this week's Crypto Insight I discussed...

The pause in crypto prices as market digest the recent upswing.

We look at on-chain metrics that show a robust picture with regards to BTC mining and profitability, which is good for the long term. However, some indicators such as short term holder PNL could signal some resistance in the immediate term. ETH outlook remains strong due to an explosion in NFT volumes.

Finally, on the volatility side, term structures collapse back into contango as realised vol cools off. Long term options remain surprisingly well bid and skew for calls persists. Call options volumes dominate, especially in ETH and we see gamma profiles suggesting moderate upside for BTC into end of August with more upside potential in ETH.

Filmed on on Tuesday 17th August 2021.


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