KPIs for April 2023
- Total notional volumes: $13bn
- Total Bitcoin equivalent traded: 437,018 coins
- Total trades: 3,355,404
- Total year-to-date volumes: $50bn
Total monthly Volumes
by Client Segment ($M)
TOTAL MONTHLY BITCOIN
EQUIVALENT BY CLIENT SEGMENT (COINS)
Daily Traded Volumes ($M)
by Instrument ($M)
Average Trade Size
by Instrument ($)
BTCUSD - Average Trade Size
by Client Segment ($)
ETHUSD - Average Trade Size
by Client Segment ($)
Macro crypto currency market outlook
Bitcoin has entered a period of consolidation and correction following the break to a fresh yearly high above $30k. At the same time, the overall structure remains constructive following the breakout earlier this year above $25k. We’ll be looking for setbacks to be very well supported into previous resistance turned support around $25k in favour of the formation of the next higher low and bullish continuation back through the yearly high. Only a weekly close back below $20k would give reason for concern.
- BTC technical levels:
- R2 31,050 – 14 April/2023 high– Strong
- R1 30,000 – Psychological – Strong
- S1 26,525 – 27 March low – Medium
- S2 23,930 – 15 March low – Strong
The run of consecutive monthly gains continued in 2023, with both bitcoin and ether closing out on a positive note in April. We didn’t see any major moves on the month, and most of the price action was consolidative in nature. Nevertheless, both major cryptocurrencies settled at +2.7%.
As far as the fundamentals go, crypto assets continued to find demand on fallout in the traditional banking sector. There were other factors supporting the market as well, including demand for ether after the Shapella Upgrade went off better than expected, and broad demand as yield differentials moved out of the US Dollar’s favor on hope for peak rates and the start to less aggressive monetary policy.
At the same time, rallies were well capped on a combination of extended technical readings following the bitcoin break above $30k, and on the back of an uptick in uncertainty on the regulatory front. The SEC Chair’s confusing testimony was a source of some selling, while expressed discomfort from major US exchanges towards US regulatory authorities added additional selling pressure into rallies.
Looking ahead, we expect more turbulence from the regulatory front, but more demand to offset as traditional market participants wake up to crypto’s value proposition in the face of all the banking woes. We also expect Fed policy communications to play a part, with crypto assets still showing sensitivity to movement in yields and global risk appetite.