Implied volatility for both BTC and ETH has seen a very violent and pronounced increase in the last couple of days, after months of ranging prices. BTC’s Implied volatility increased from a 50% average up to 60%, while ETH’s implied volatility completely exploded from a 60% monthly average to almost 80% as of November 1st.

What does this tell us about what to expect in terms of price action for the next couple of months?

We can expect volatility for BTC, ETH and major alts to further increase in the next couple of months, and if we see strength and bullish momentum building up on higher time frames, we could even see the start of a new mid/long term bullish cycle, which would send BTC and ETH to new mid and potentially long term highs.

OpenSea’s dominance on NFT traded volume (on Ethereum) has been declining very rapidly over the last months, after peaking at 98% in January, it declined to a current low of 70%, meaning that other exchanges such as Rarible, LooksRare and X2Y2 have gained dominance and strength.

How could this affect ETH and other NFT related assets in the market over the next few months?

If we see an increase in overall NFT traded volume over the next few months (which is very likely), we’re going to see ETH, SOL and other NFT alts gaining strength and reaching new mid term highs. If OpenSea starts losing even more market dominance, however, we’re likely going to see much stronger moves on other coins than in ETH, such as the ones we saw in DOGE and LTC.

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Bitcoin is on track with previous bear market, showing pretty much the same higher time frame market structure and price action, as well as volume and overall under the radar indicators.

This means that we’re likely getting to the start of a new market cycle, which we’re going to catch from the very start… again.

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DEXs gain market share as faith in centralized crypto players erodes; DEXs trading volume has already reached $91 B in November, a 79% increase over all of October

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BUSD market share approaches new all time high

Biggest drop in CPI Headline YoY (0.64%) since April 2020

Bitcoin short term volatility subdues to equal stocks.

Digital asset investment products saw outflows totalling $30m last week, outflows were seen across most asset types suggesting broad negative sentiment last week that was likely to due to ongoing uncertainties surrounding businesses linked to FTX and continued hawkish rhetoric from the FED

In January 2022 - more than 80% of NFT volume was wash trading

The number of crypto employments jumped 351% to 82.2K from 18.2K in 2019

The public Bitcoin mining companies collectively owe more than $4 billion

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While macro has been the main driver behind crypto price action throughout most of the year, this changed after the FTX implosion. Correlations dipped to as low as 0.17 immediately following the collapse and have stabilized below 0.6.

Overall, despite briefly decoupling from US equities markets, crypto is not insulated from the broad macro backdrop.

BTC spot volume usually peaks between 9 and 11 hours ET, Coinmetrics shows.

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Bitcoin NFTs push transaction fees on the blockchain to highest in over a year.

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GBTC jumps 12% in biggest one-day increase since February 2022.

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Stablecoins are still a small fraction relative to cash in circulation, especially in Europe. The end of BUSD could be an opportunity for EUR-pegged stablecoins which have had trouble taking off.

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On-chain options only account for 0.19% of notional open interest (OI), with a high of 2% OI in April 2022

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Digital asset investment products saw minor outflows totalling $2m. Although this masks broader negative sentiment as the largest inflows were into short investment products.

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Binance Bitcoin trading volume hits lowest level in 8 months following termination of zero-fee trading

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