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Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC) was at a hearing, one of the core subjects of discussion was a proposal from FTX Derivatives Exchange. (Read More)
As the crypto market matures, Bitcoin’s spot price is increasingly influenced by global geopolitical events, regulatory changes, traditional financial market movements, and other relevant macroeconomic events. However, the growing Bitcoin derivatives market also shapes Bitcoin’s price movements, albeit a smaller one. Futures and options contracts are particularly insightful for predicting Bitcoin’s future movements as they […]
The post The Bitcoin futures contango appeared first on CryptoSlate.
Bitcoin (BTC) has been locked in a tight trading range, fluctuating between $30,000 and $31,000. While some on-chain metrics show that this ongoing sideways movement has been observed before Bitcoin’s previous bull runs, there is little to indicate that a significant shift could happen soon. The derivatives market, particularly the options market, reveals a divided […]
The post An indecisive options market keeps Bitcoin flat appeared first on CryptoSlate.
Data shows that the indicators related to the Bitcoin derivatives market have recently been heating up, which could lead to more volatility in BTC’s price. Bitcoin Open Interest & Leverage Ratio Have Shot Up As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the Bitcoin Open Interest has registered a [...]
The post Bitcoin Derivatives Market Heating Up Again: Brace For Impact? appeared first on Crypto Breaking News.
Over the past week, Bitcoin (BTC) has been enjoying attention from all tiers of investors; from short-term traders to institutional players. This can be seen in the strong performance of spot Bitcoin ETFs in the previous week. Similarly, the Bitcoin derivatives market appears to be witnessing increased risk-taking behavior from traders as shown by recent on-chain data. Bitcoin Market Now In ‘A Risk Zone’ Whats Happening? Leverage is a tool that allows traders to control substantial positions with a relatively small amount of capital. While leverage helps traders and investors bolster their potential profits, it also opens them up to significant risks, especially when the market volatility is elevated. Related Reading: Solana Struggles To Break $160 Resistance As Top Analyst Predicts A Coming Surge In a recent Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Crazzyblockk revealed that there has been increased leverage use amongst Bitcoin market participants. This on-chain observation is based on the Estimated Leverage Ratio (ELR) metric, which measures the ratio of open interest in futures contracts to the coin reserves on exchanges. Crazzyblockk noted that the reserves of some large-cap stablecoins are also considered in the calculation of the Estimated Leverage Ratio. This is based on the concept that stablecoins have been increasingly used as collateral for derivative trading in recent years, the analyst added. The Estimated Leverage Ratio serves as a valuable indicator in assessing the amount of leverage used by market participants for trading derivatives. According to the CryptoQuant analyst, the ELR metric has witnessed a notable upswing over the past few months, which signals increasing open interest and dwindling exchange reserves, particularly Bitcoin. Furthermore, the Bitcoin derivatives market has now seemingly entered a risk zone due to the sharp increase in the leverage being used by market participants. According to the Quicktake post, this implies that the market is susceptible to spontaneous price movements in any direction. Hence, short-term traders might want to approach the market with caution. Has BTC Price Established A Local Top? As of this writing, the price of Bitcoin stands at around $68,400, reflecting no significant change in the past day. According to data from CoinGecko, the premier cryptocurrency is up by over 8% in the past week. Related Reading: Dogecoin And Shiba Inu Social Dominance At 5-Month High Can FOMO Stall Price Growth? In a separate Quicktake post, an analyst revealed that the price of Bitcoin might be readying for a brief correction after printing a local top. This analysis is based on the increasing non-realized profits of Bitcoin traders in recent weeks. According to CryptoQuant data, the unrealized profits of BTC traders have surpassed $7 billion, which suggests potential selling pressure in the near future. And the risk of a price pullback rises when investors sit on such significant unrealized gains, as there is an increased temptation of taking a profit. Featured image from iStock, chart from TradingView
In a bullish trading week, Ethereum (ETH) surged by over 8% as its market price returned above the $2,600 price mark. However, amidst this rally, certain market developments have occurred which raises questions over Ethereums future price movements. Related Reading: Ethereum Price Consolidates: Preparing for the Next Move Higher? 50,000 ETH Flow Into Derivative Exchange – Price To Rise Or Fall? In a Quicktake post on CryptoQuant, an analyst with username Amr Taha reported there has been a positive net flow of over 50,000 ETH valued at $132.12 million on derivative exchanges. In this context, net flow measures the difference between the amount of ETH deposited and the amount of ETH withdrawn from derivative exchanges, which are standard trading platforms for products such as options and futures contracts. Therefore, a positive net flow indicates a higher amount of ETH has been deposited than withdrawn on the last day. Analyzing the implications of this development on Ethereums price, Amr Taha has postulated two situations. First, the analyst states that a positive net flow to derivative exchanges could indicate a potential rise in selling pressure as traders may be looking to offload their ETH either by opening a short position or selling through a futures contract at a predetermined price. Alternatively, a positive net flow may indicate that traders are depositing ETH to use as collateral for margin or future contracts betting that the price of ETH will rise, thus expressing confidence in the tokens profitability. Essentially, this massive positive ETH net flow holds significant potential to swing Ethereums price either way based on traders’ actions. Related Reading: Survey Finds Almost 70% Of Ethereum Institutional Investors Engaged In ETH Staking Ethereum Prepares For Encounter With Crucial Resistance In other news, Ethereum continues to trade at $2,636 reflecting gains of 1.11% and 12.89% in the last one and 30 days respectively. Meanwhile, the tokens daily trading volume is up by 12.89% and is valued at $17.06 billion. However, despite these positive metrics, data from CoinMarketCap shows that market sentiment towards the altcoin is largely bearish as investors perhaps anticipate a price retracement following the ETHs recent gain in the last week. Interestingly, the Ethereum daily chart shows the token is approaching a key resistance level at $2,700 which has served as a strong rejection zone over the last two months. Albeit, the relative strength Index is still some significant distance away from the overbought zone indicating Ethereums price rally may be far from over and may break past this resistance level. In addition, analysts have observed an ascending triangle pattern on the ETH hourly chart indicating strong bullish potential to surge past $2,700 reaching as high as $2,870 in the coming days. Featured image from Bernard Marr, chart from Tradingview
As interest in bitcoin exchange-traded funds (ETFs) heats up, a new report from blockchain analytics firm Glassnode examines how much bitcoin is actually available for purchase. The report, titled “How Many Bitcoin Are For Sale?” published on June 26, 2023, looks at exchange flows and onchain metrics to gauge bitcoin demand and supply dynamics. Bitcoin [...]
The post Report: US ETFs Signal Renewed Bitcoin Interest; BTC’s Limited ‘Hot Supply’ Eyes Bull Market appeared first on Crypto Breaking News.
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