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[HEYBIT] The Report 1, New Strategy "ALPHA" on May
[HEYBIT] The Report 1, New Strategy "ALPHA" on May

All Statistics are written as of 2023-06-01 00:00:00 (UTC)

Updated over a week ago


Dear valued users,
You may be curious about HEYBIT's new strategy "ALPHA",

We would like to share with you the performance of ALPHA in May and our quantitative analysis of market conditions.

Before you check out the report, "GOOD NEWS!!"

Our new strategy "Alpha" works not only on Binance, but also on "OKX", a top global exchange.

We will do our best to reward you with better returns while managing various assets on two major exchanges!


All Statistics are written as of 2023-06-01 00:00:00 (UTC)


Strategy Statistics

Alpha Strategy - OKX

  • Monthly Return: +4.44% (-)

  • Maximum draw down: -0.55% (-)

  • Underwater Period: 4 Days


Alpha Strategy - Binance

  • Monthly Return: +2.64% (-)

  • Maximum draw down: 0.92% (-)

  • Underwater Period: 8 Days



Market Statistics

  • BTC Price: 26,814 (-4.49%, Coinmarketcap)

  • BTC Dominance: 45.71% (-1.47%, Coinmarketcap)

  • Crypto Total Cap: 1179B USD (-2.62%, Coinmarketcap)

  • Dollar Index(USDX): 102.575 (+0.97%, investing.com)

  • Gold Index(GC:CMX): 1,978 (+0.71%, Nasdaq)

Headlines

  • Ethereum transaction fees at their highest since May 2022 amid memecoin mania (Adam Morgan McCarthy, The Block, 4 May 2023)

  • Bitcoin transactions reach record high as Inscriptions surge
    (Adam James, The Block, 30 April 2023)

  • Crypto exchange volumes sink after Jump, Jane Street pull back
    (Frank Chaparro, The Block, 18 May 2023)

  • Biden reaches ‘tentative’ US debt ceiling deal
    (Steve Holland, Gram Slattery and Katharine Jackson, Reuters, 28 May 2023)

Market Status

Ethereum transaction fees at their highest since May 2022 amid memecoin mania

The surge in meme coin trading volume has resulted in a higher demand for Ethereum's network resources, leading to an increase in gas prices.

However, it is important to note that the popularity of meme coins is a temporary phenomenon, and it is expected that gas prices will stabilize in due course. Ethereum developers are actively working on improving the network's scalability and exploring various solutions to address the issue of high gas fees.

Bitcoin transactions reach record high as Inscriptions surge

The data shows a significant increase in both the number of transactions and unique addresses involved in Bitcoin transfers. This surge in activity indicates growing adoption and usage of Bitcoin, as more individuals and entities participate in the cryptocurrency ecosystem. The increase in transactions and addresses suggests a positive trend for the overall Bitcoin network and demonstrates its continued growth and relevance in the digital asset space.

Crypto exchange volumes sink after Jump, Jane Street pull back

The decrease in trading volumes could be indicative of a shift in investor focus towards alternative investment opportunities. As new investment vehicles emerge and gain popularity, such as decentralized finance (DeFi) protocols or non-fungible tokens (NFTs), investors may divert their attention and capital away from traditional cryptocurrency trading.

The decline in trading volumes may also reflect a more mature phase of the cryptocurrency market. As the market evolves, it is natural for trading volumes to fluctuate and potentially experience periods of lower activity. This does not necessarily indicate a decline in the overall value or potential of cryptocurrencies but rather a temporary slowdown in trading.

Overall, the decrease in trading volumes on cryptocurrency exchanges suggests a period of reduced trading activity and investor participation. It is important to monitor market developments and regulatory actions to better understand the potential impact on trading volumes and the cryptocurrency market as a whole.



Quant Research Comments

(BTC PRICE CHART)

In May, compared to the previous month, the volatility of the crypto market relatively decreased, and Bitcoin experienced a decline compared to the previous month.

The alpha strategy is based on momentum trading, which generates profits based on the overall market trend, and reversion analysis, which captures relative reverting movements based on multiple instruments’ comparison. This criterion applies to both Binance and OKX.


Based on this strategy, stable profits were generated from May 7th to 9th. However, in the case of Binance, it did not achieve significant profits due to short-term inefficiencies compared to the high volatility as of May 10th, while OKX was able to gain profits as the short-term inefficiencies became more prominent (approximately 1.5% profit recorded until May 19th).

Subsequently, conservative trading was carried out until mid-May, and towards the end of May, profits started to accumulate based on high volatility. OKX achieved an additional 3%, while Binance accumulated 1% profit.

After June, if the opening of the Hong Kong market leads to market leadership of major tokens and triggers a circulation of altcoins, it is expected to create higher inefficiencies and generate new opportunities for alpha creation.



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