While the two leading crypto-asset groups were unable to print weekly gains, traders’ appetite for cryptocurrencies was unaffected. Investors have been positively influenced by Coinbase’s partnership with BlackRock, the world’s largest financial asset manager, responsible for $10 trillion in investments.

Coinbase Prime, a service for BlackRock customers, is an institutional trading solution that provides trading, custody, financing and risking on over 300 digital assets. Thus, comparing the winners and losers of the top 80 coins gives skewed results, with 10 of these having risen by 12% or more over the past seven days:

Weekly winners and losers among the top 80 coins. Source: Nomex
FLOW surged 48% after Instagram announced its support for the Flow blockchain via the Dapper wallet. The Meta-controlled social network (formerly Facebook) is expanding the integration of the non-fungible token.

Filecoin (FIL) gained 38% after the v16 Skyr upgrade on August 2, boosting the protocol to avoid vulnerabilities.

VeChain (VET) gained 16.5% after some news sources incorrectly announced the Amazon Web Services (AWS) partnership. The VeChain Foundation explained that the AWS reference was first cited in a May 9 case study.

Rope premium deteriorated slightly
The premium of OKX Tether (USDT) is a good measure of retail demand for cryptocurrency in China. It measures the difference between peer-to-peer trades based in China and the United States dollar.

Excessive buying tends to pressure the index above fair value at 100%, and during bear markets, the supply of the Tether market is flooded, causing a discount of 4% or higher.

Tether (USDT) is peer-to-peer against USD/CNY. Source: OKX
Currently, the Tether premium stands at 98.4%, the lowest level since June 10. While away from retail selling due to panic, the index showed a modest deterioration over the past week.

However, the weakness in retail demand is not a concern, as it partly reflects a 69% year-to-date decline in total cryptocurrency capital.

Futures markets show mixed sentiment
Perpetual contracts, also known as reverse swaps, have a built-in rate that is typically charged every eight hours. Exchanges use these fees to avoid misalignments in exchange risk.

A positive funding rate indicates that longer contracts (buyers) require more leverage. However, the opposite situation occurs when short positions (sellers) require additional leverage, causing the financing rate to turn negative.

Accumulated future funding rate on August 5. Source: Coinglass
As shown above, the seven-day accumulative funding rate is either slightly positive or neutral for the largest cryptocurrencies by open interest. This data indicates a balanced demand between long contracts (buyers) and shorts (sellers).

Given the lack of demand for Tether in Asia and the mixed premiums for perpetual contracts, there is a lack of confidence from traders as the total value of the cryptocurrency struggles with $1.1 trillion resistance. So, for now, the bears seem to have the upper hand given the skepticism the Securities and Exchange Commission has been causing to bring charges against the former Coinbase manager.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks. You should do your research when making a decision.

Source: CoinTelegraph