Zignaly Providers Monthly Recap (April)
TL;DR
Crypto continued going through a sideways during April, however, the situation seems to have changed starting from the beginning of May
The BTC Futures Provider suffered a bit from the choppy market while the Altcoins Spot provider halted trading for the entire month of April and the Eth Provider has been mostly holding short positions
Intro
April has mostly seen a continuation of the price action started in March, meaning mostly sideways with a downward tendency.
The situation seems to have reverted right at the beginning of May when all the crypto markets and Ethereum especially seem to have reversed their direction.
After struggling to stabilize at the new ATH level during its previous attempt, BTC is now in the process of re-testing the old 2021 ATH as support, and a new monthly close above this level would be a sign of potential bullish continuation.
While the altcoins seem to also be turning around after over one month of persistent downside, they will mostly follow what BTC and ETH do.
Providers
BTC Futures
While as mentioned both March and April have been characterized by a volatile choppy market that has caused the BTC Futures Provider to suffer some losses, these have been relatively limited, especially if compared to the Provider’s overall performance during the past months.
The market direction and the Provider’s equity direction seem to be changing since the beginning of May, however, whether this is due for a continuation or not will largely depend on BTC being able to sustain a new all-time high.
ETH Futures
During the first half of April, this Provider has experienced a couple of whipsaws, while holding a short position for most of the second half of April and part of May.
Overall the Provider has experienced an about -10% drawdown during April, although that is part of a larger drawdown this Provider has been experiencing since March.
The Provider has reversed its position following a decisive bullish price action in Ethereum and it is currently long. This hopefully will allow it to benefit from eventual further upside moves.
Altcoins Spot Provider
There is not much to say about the Altcoins Spot Provider, which temporarily halted trading activities during April as the market conditions were unfavorable, proving once again a great ability to limit equity volatility even when dealing with altcoins.
The Provider has however restarted trading just a couple of days ago and will see where it is headed next. For now, the altcoins seem to be making a shy attempt to turn to the upside following BTC and particularly Ethereum.
Conclusions
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