Another volatile week for the smartcoins

I was wondering how to interpret my weekly roundup of the smartcoin market and got a bit stuck. For those who use the DEX, it is nothing new that it has been mayhem in this small corner of crypto assets. I have witnessed huge liquidations of short positions and making sense of all that is not easy. Cheap bitcoin is a magnet on this space and certainly influences almost everything else. But let's dive down and see how we're doing.

BitCNY

BitCNY is at a 34,8 million cap, down from 52,5 million last week.

BitUSD

BitUSD is at a 15,6 million cap, down from 18,4 million last week.

Its dramatic

Compared to a few weeks ago when cny and usd had a combined cap of over 100 million. It's also dramatic to witness large short positions being force settled.

It's very undramatic

For longers of USD and CNY, who can settle at a good price. I wish I was a little quicker to buy up some more! Instead I have used the reserve usd to pay back parts of my loan. I also sold some hero to further ease the pressure if needed. The good thing about my margin is that I have plenty (in excess of 6x) of collateral. And it leaves some headroom to adjust.

So what is next?

If I only knew... But I have a feeling there has to be another run in bitcoin before the shorters are back in significant numbers. The shorters that create all the smart assets.

Of course some other form of demand could turn up like we've seen wit aex exchange that has a significant chunk of the volume.

So where does it leave us bts holders?

I think we will be fine. But I think it will take some time before the markets picks up and the appetite for new shorts grows.

Source: all numbers and graphs are from coinmarketcap.com. It might differ from other sources.