Posts in Category: Cryptocurrency

Sharp Bitcoin price shift brewing as BTC volatility declines to a 16-month decreased

Bitcoin volatility has fallen to a 16 month decreased, signalling that a sharp maneuver of BTC looms.

Bitcoin (BTC) options aggregate open fascination has risen to $2 billion, that is 13 % beneath the all-time high. While the open fascination is still highly concentrated on Deribit exchange, the Chicago Mercantile Exchange (CME) in addition has attained $300 million.

In easy terminology, alternatives derivatives contracts make it possible for investors to buy safety, both from the upside (call alternatives) or perhaps downside (put choices). Even though you will find some more complex techniques, the simple presence of fluid options marketplaces is a positive indicator.

For instance, derivative contracts enable miners to strengthen their salary which is actually linked to a cryptocurrency’s price. arbitrage and Market-Making firms also utilize the instruments to hedge the trades of theirs. Ultimately, heavily liquid marketplaces draw in more sizeable participants and increase their productivity – FintechZoom.¬†

Implied volatility is a useful and primary metric that may be extracted from choices rates. When traders view increased risk of much larger priced oscillations, the indicator will shift greater. The opposite arises during times when the price tag is level or even if there’s hope of gentler price opens and closes.

3-month solutions contracts implied volatility. Source: Skew
Volatility is usually known as a worry signal, but this’s mainly a backward-looking metric. The 2019 spike found on the aforementioned chart coincided with the $13,880 excellent on June twenty six, implemented by an unexpected $1,400 decline. The more recent volatility spike from March 2020 took place soon after a 50 % decline happened in a mere eight hours.

Indicators signal a wild priced swing in the making Periods of low volatility are actually catalysts for much more considerable cost moves as it points to that promote makers as well as arbitrage desks are eager to promote protection on reduced premiums.

This is simply because improving derivatives wide open desire leads to more extensive liquidations when a sudden cost change takes place.

Investors then need to shift their aim to futures markets to assess if a prospective storm is brewing. Increasing open interest denotes possibly a higher number of market participants or perhaps this larger positions are being developed.

The current $4.2 billion in aggregate open curiosity might be modest in comparison to the August good at $5.7 billion, but is still useful.

A few factors may be holding back an even greater figure, including the present BitMEX CFTC costs as well as KuCoin’s $150 million hack.

Higher volatility is yet another crucial factor holding back the open fascination on Bitcoin derivatives.

In spite of 57 % becoming probably the lowest figure in the past sixteen months, it also symbolizes a sizable premium, especially for longer term options. The two options and futures have a great deal of synergy, as more advanced strategies blend both marketplaces.

A shopper betting on a $14K strike for the March 21 expiry in 160 days need to pay a ten % premium. Therefore, the price at expiry needs to attain $15,165 or perhaps thirty four % above the present $11,300.

Apple (AAPL) 90-day implied volatility
As a comparison, Apple (AAPL) shares hold a 41 % 3 month volatility. Even though higher compared to the S&P 500’s twenty nine %, the long-range impact versus Bitcoin’s forty seven % has striking consequences. The same thirty four % upside for a March 2021 call alternative for AAPL shares has a 2.7 % premium.

To put things in perspective, in case an APPL share had been valued at $11,300, this March 2021 option will cost $308. Meanwhile, the BTC it is actually trading at $1,150, which is just about four times more high-priced.

Betting on $20K? Alternatives might not be the best way
Even though there is an implied charge to carrying a perpetual futures position for much more extended periods, it has not been burdensome. This is since the financial backing rate of perpetual futures is generally charged every eight many hours.

Perpetual futures financial backing fee. Source: Digital Assets Data
The funding rate has been oscillating between positive and negative for the past few of several months. This results in a net basic influence on buyers (longs) in addition to quick sellers that may have been holding open opportunities.

As a result of the inherent superior volatility of its, Bitcoin alternatives might not be the perfect way to structure leveraged bets. The very same $1,150 cost of the March 2021 option could possibly be used to acquire Bitcoin futures using a 4x influence. This will yield a $1,570 gain (136 %) once Bitcoin reaches exactly the same thirty four % upside necessary for the option pause also.

The above illustration does not invalidate opportunities consumption, particularly when building approaches which include things like marketing telephone call or perhaps put options. One particular should remember that options have a set expiry. Thus if the desired budget range happens merely the following day, it yields no gain at all.

For the bulls these days, except if there’s a particular price range and time frame in mind, it seems for now sticking with perpetual futures is the most effective fix.

Ascending channel Bitcoin price breakout a possibility despite OKEx scandal 

BTC – Ascending channel Bitcoin price breakout possible in spite of OKEx scandal Bitcoin price tag lost the bullish energy that took the price to $11.7K earlier this week although the present cooktop could provide opportunities to swing traders.

Earlier this week Bitcoin (BTC) price moved into a bullish breakout to $11,725 following the previous week’s news that Square obtained $4,709 BTC but since then the cost has slumped back into a sideways range.

Several rejections close to $11,500 and the latest news of OKEx halting a number of withdrawals as its CEO’ cooperates’ with a study being completed by Chinese authorities is additionally weighing on investor sentiment and Bitcoin price.

The innovation of news which is unwanted has pulled the majority of altcoin rates back into the red and extinguished the recently observed bullish momentum Bitcoin displayed.

The everyday time frame signals that losing $11,200 might open up the door for the cost to retest $11,100, a degree and that resides in a VPVR gap and would most likely give way to an additional drop to $10,900.

According to Cointelegraph Micheal van de Poppe, there is:

“Significant guidance during $11,000 is currently a must hold level to resume the bullish momentum, that might observe difficulty clearing current levels as restored coronavirus lockdowns are spooking investors.”
Van de Poppe indicates that in case Bitcoin loses the $11K support there’s the possibility of the price slipping below $10K to the 200-MA during $9,750 that is close to a CME gap.

While the current cost activity is disappointing to bulls that wish to look at a retest of $12K, going for a bird ‘s-eye view reveals that there are many variables playing out in Bitcoin’s favor.

The recent BTC allocations by MicroStrategy, Square and Stone Ridge are actually positive, especially considering the present economic uncertainties which exist as a result of the COVID-19 pandemic.

Furthermore, volumes are actually surging again at multiple BTC futures exchanges and on Friday Cointelegraph reported that Bakkt Bitcoin exchange gotten to the latest record high for BTC shipping.

Bitcoin has also largely overlooked the vast majority of the adverse information in the last two weeks and contained above the $10K level as buyers show constant desire for buying near this amount.

Assistance retests are expected

It is also well worth noting that just aproximatelly 1.5 weeks have passed since Bitcoin exited a 24-day long compression phase which had been implemented by pretty much the most recent breakout to $11,750.

Since the bullish breakout occurred the price has retested the $11,200 level as guidance but a deeper pullback to the 20-MA to test $11K as support wouldn’t be out of the typical. Even a fall to the $10,650 level close to the 100-MA would be a retest of the descending trendline from the 2020 high at $12,467.

For the temporary, it appears to be likely that Bitcoin amount will trade in the $11,400-1dolar1 9,700 area, a range that might turn out to be a swing trader’s paradise.

$12K Bitcoin price back on the table following BTC rallies above $11.4K.

Bitcoin price rallied to $11,491 following bulls maintained to flip the $11K amount from resistance to support.

On Friday Bitcoin (BTC) price lastly handled to kick above the symmetrical triangle where the price were definitely compressing for any last thirty days. Right after holding the $11,000 level into the day close, the price rallied to $11,448 on a number of higher volume surges.

Cryptocurrency each day market general performance snapshot

On Oct. eight Cointelegraph contributor Micheal van de Poppe explained that in his view:

If the price of Bitcoin breaks through the $11,100-1dolar1 11,300 resistance zone, further bullishness may be expected towards $12,000. This will make the $11,100-1dolar1 11,300 area is a crucial zone for continuation.

Currently the cost is possessing above $11,400 and conference resistance at $11,489 which is right at the roof of the Sept. 3 candle which saw BTC drop thirteen % to $9,960. This particular level aligns along with the VPVR node extending through $11,400 1dolar1 11,740, but in case the bulls can push through this resistance cluster another run on the $12K mark is on the cards.

On the day timeframe, the distant relative toughness index has risen to 65, a bullish signal, so the MACD histogram obviously reflects the present bump of momentum.

As is actually the situation, day traders should keep an eye on volume as the absence of it throughout the previous 30-days is the main reason for Bitcoin price being flat and pinned below $11,000.

At the time of writing the best altcoin is encountering resistance from $375 in which there’s a higher volume VPVR node extending through $376-1dolar1 389. If bulls have the ability to retain the present momentum as well as push through this opposition zone, Ether price might run to $419.

As Ether and BTC rallied, the largest percentage of altcoins followed suit with double digit gains. Cardano (ADA) acquired 10.19 %, Chainlink (LINK) added 11.4 % in addition to Aave (LEND) rallied by fifteen %.

According to CoinMarketCap, the entire cryptocurrency market cap today stands during $361.5 billion and also Bitcoin’s dominance index is currently at 58.4 %.

$12K Bitcoin price back on the family table right after BTC rallies given earlier $11.4K.

Bitcoin price rallied to $11,491 after bulls maintained to flip the $11K amount from resistance to support.

On Friday Bitcoin (BTC) price lastly managed to stop above the symmetrical triangle where the price had been compressing for that previous 30 days. After holding the $11,000 amount into the day close, the purchase price rallied to $11,448 on a number of higher volume surges.

Cryptocurrency each day market performance snapshot

On Oct. 8 Cointelegraph contributor Micheal van de Poppe clarified that in his view:

When the price of Bitcoin breaks in the $11,100 1dolar1 11,300 resistance zone, further bullishness may be expected towards $12,000. This makes the $11,100 1dolar1 11,300 area is a vital zone for continuation.

Currently the cost is possessing above $11,400 and meeting resistance at $11,489 that is right at the top of the Sept. three candle which saw BTC drop thirteen % to $9,960. This particular level aligns with the VPVR node extending from $11,400-1dolar1 11,740, but if the bulls can push through this resistance cluster another run at the $12K mark is actually on the cards.

On the day timeframe, the relative toughness index has risen to sixty five, a bullish signal, therefore the MACD histogram definitely reflects the present bump in momentum.

As is always the situation, day traders ought to keep an eye on volume as the lack of it throughout the previous 30 days is actually the main reason behind Bitcoin price being level and pinned under $11,000.

Within the time of composing the best altcoin is encountering resistance from $375 where there’s a high volume VPVR node extending through $376-1dolar1 389. If bulls can maintain the current momentum and push with this resistance zone, Ether price could very well power to $419.

As Ether and BTC rallied, the largest percentage of altcoins followed fit with double digit gains. Cardano (ADA) gained 10.19 %, Chainlink (LINK) added 11.4 % in addition to Aave (LEND) rallied by 15 %.

Based on CoinMarketCap, the overall cryptocurrency market cap today stands usually at $361.5 billion and Bitcoin’s dominance index is currently at 58.4 %.

Bitcoin price chart analysis

Bitcoin suffered a volatile start to the new trading month. Bearish news surrounding the crypto exchange BitMEX and President Trump contracting Covid 19 weighed heavily on the cryptocurrency sector.

Bitcoin price chart evaluation shows that a breakout from $10,000 to $10,900 is required to stibitcoin photomulate a significant directional.

Bitcoin medium term price trend Bitcoin suffered yet another specialized setback previous week, as recent bad news caused a sharp reversal from the $10,900 degree.

Prior to the pullback, implied volatility towards Bitcoin happens to be for its lowest levels in more than eighteen months.

Bitcoin price technical analysis shows that the cryptocurrency is actually working within a triangle pattern.

Bitcoin price chart analysis

The day time frame reveals that the triangle is located in between the $10,900 as well as $10,280 technical level.

A breakout in the triangle pattern is actually expected to prompt the other major directional move within the BTC/USD pair.

Traders must note that the $11,100, $11,400 and $11,700 amounts are actually the main upside resistance zones, while the $10,000, $9,800, and $9,600 areas have the foremost technical support.

Saudi vs Russia oil price war

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Bitcoin short-term price trend Bitcoin cost technical analysis shows that short term bulls continue to be in control when the price trades previously $10,550.

The four-hour time frame spotlights that a bearish head-and-shoulders pattern stays appropriate even though the cost trades below the $11,200 degree.

Bitcoin price chart analysis

According to the dimensions of the head-and-shoulders pattern, the BTC/USD pair might fall towards the $9,000 subject.

Look out for the downside to accelerate whether the price moves under neckline assistance, near the $9,900 degree.

It is noteworthy that a pause above $11,200 will more than likely launch a major counter rally.

Bitcoin specialized summary Bitcoin technical analysis spotlights that a breakout from a large triangle pattern should prompt the other major directional action.

Bitcoin priced chart analysis: directional breakout looms

Bitcoin suffered a volatile start to the brand new trading month. Bearish information surrounding the crypto exchange BitMEX and President Trump contracting Covid-19 weighed very much on the cryptocurrency sector.

Bitcoin price chart evaluation demonstrates that a breakout from $10,000 to $10,900 is required to trigger a significant directional.

Bitcoin medium term cost trend Bitcoin suffered yet another specialized setback last week, as recent bad news caused a sharp reversal coming from the $10,900 degree.

Just before the pullback, implied volatility towards Bitcoin is actually for the lowest levels of its in more than 18 months.

Bitcoin price technical analysis shows that the cryptocurrency is performing within a triangle pattern.

Bitcoin price chart analysis

The daily time frame reveals that the triangle is located between the $10,900 and $10,280 technical level.

A breakout in the triangle pattern is anticipated to prompt the other major directional move inside the BTC/USD pair.

Traders should note that the $11,100, $11,400 and $11,700 levels are actually the primary upside opposition zones, although the $10,000, $9,800, and $9,600 elements provide the primary technical support.

Saudi vs Russian federation oil price war

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Bitcoin short-term cost pattern Bitcoin cost technical analysis shows that short term bulls remain in control as the cost trades previously $10,550.

The four hour time frame highlights that a bearish head-and-shoulders pattern remains valid even though the price trades beneath the $11,200 level.

Bitcoin price chart analysis

As per the size of your head-and-shoulders pattern, the BTC/USD pair could are towards the $9,000 area.

Beware of the drawback to accelerate if the price moves below neckline support, near the $9,900 level.

It is noteworthy that a rest above $11,200 will more than likely launch a major counter-rally.

Bitcoin specialized summary Bitcoin technical analysis plays up that a breakout from a major triangle pattern should encourage the other major directional action.

Bitcoin priced chart analysis: directional breakout looms

Bitcoin suffered a volatile start to the new trading month. Bearish information surrounding the crypto exchange BitMEX in addition to the President Trump contracting Covid-19 weighed heavily on the cryptocurrency sector.

Bitcoin price chart analysis shows that a breakout from $10,000 to $10,900 is required to activate a major directional.

Bitcoin medium-term price trend Bitcoin suffered another technical setback last week, as the latest bad information caused a sharp reversal from the $10,900 degree.

Just before the pullback, implied volatility towards Bitcoin happens to be at the lowest levels of its in over eighteen months.

Bitcoin price technical analysis shows that the cryptocurrency is actually performing within a triangle pattern.

Bitcoin price chart analysis

The day time frame reveals that the triangle is located between the $10,900 and $10,280 technical level.

A breakout in the triangle pattern is actually anticipated to prompt the other major directional move around the BTC/USD pair.

Traders should be aware that the $11,100, $11,400 as well as $11,700 quantities are actually the principle upside opposition zones, even though the $10,000, $9,800, and $9,600 elements offer the foremost technical support.

Saudi vs Russian federation oil price war

Trade Now
Bitcoin short-term price pattern Bitcoin price complex analysis shows that short-term bulls continue to be in control while the price trades previously $10,550.

The four hour time frame spotlights that a bearish head-and-shoulders pattern stays valid while the price trades below the $11,200 level.

Bitcoin price chart analysis

Based on the size of your head-and-shoulders pattern, the BTC/USD pair could are towards the $9,000 area.

Look out for the downside to accelerate whether the cost moves under neckline support, around the $9,900 level.

It’s noteworthy that a rest above $11,200 will probably start a significant counter-rally.

Bitcoin technical summary Bitcoin complex analysis spotlights that a breakout from a big triangle pattern must prompt the other major directional move.

Bitcoin price may surge as fear and uncertainty strain worldwide markets.

Despite Bitcoin‘s online sentiment being at a two year low, analytics state that BTC could be on the verge of a breakout.

The international economy doesn’t appear to be in an excellent place right now, specifically with destinations including the United Kingdom, France and Spain imposing fresh, brand new restrictions across their borders, thereby making the future economic prospects of several local business owners much bleaker.

So far as the crypto economy goes, on Sept. 21, Bitcoin (BTC) decreased by nearly 6.5 % to the $10,300 mark soon after having stayed place about $11,000 for a few weeks. Nevertheless, what is intriguing to be aware this time around will be the fact that the flagship crypto plunged doing value concurrently with yellow and the S&P 500.

From a technical standpoint, a rapid look on the Cboe Volatility Index shows that the implied volatility belonging to the S&P 500 while in the aforementioned time window increased rather significantly, rising above the $30.00 mark for the first time in a period of more than 2 weeks, leading a lot of commentators to speculate that another crash quite like the one in March could be looming.

It bears mentioning that the thirty dolars mark serves as being an upper threshold of the occurrence of world-shocking functions, including wars or terrorist attacks. If not, during periods of consistent market activity, the sign stays put approximately twenty dolars.

When looking at gold, the special metal also has sunk heavily, hitting a two month low, while silver saw its the majority of substantial price drop in 9 seasons. This waning fascination with gold has resulted in speculators believing that folks are again turning to the U.S. dollar as an economic safe haven, particularly because the dollar index has maintained a fairly strong position against other premier currencies such as for example the Japanese yen, the Swiss franc along with the euro.

Speaking of Europe, the continent as a complete is presently facing a possible economic crisis, with many countries dealing with the imminent threat of a large recession because of the uncertain market conditions which had been induced by the COVID 19 scare.

Is there much more than meets the eye?
While there continues to be a clear correlation in the price activity of the crypto, gold and S&P 500 market segments, Joel Edgerton, chief operating officer of crypto exchange bitFlyer, highlighted within a discussion with Cointelegraph that when compared with other assets – such as special metals, inventory options, etc. – crypto has displayed far greater volatility.

In particular, he pointed out the BTC/USD pair appears to have been sensitive to the motions of your U.S. dollar , as well as to any kind of discussions connected to the Federal Reserve’s possible approach change looking for to spur national inflation to over the 2 % mark. Edgerton added:

“The price movement is generally driven by institutional businesses with list users continuing to invest in the dips and accumulate assets. An important item to watch is actually the likely effect of the US election and if that alters the Fed’s result from its present incredibly accommodative stance to a much more regular stance.”
Lastly, he opined that any changes to the U.S. tax code may also have an immediate effect on the crypto market, especially as various states, as well as the federal government, continue to remain on the lookout for newer tax avenues to compensate for the stimulus packages that were doled by the Fed substantially earlier this season.

Sam Tabar, former dealing with director for Bank of America’s Asia-Pacifc region as well as co founder of Fluidity – the firm behind peer-to-peer trading wedge Airswap – thinks that crypto, as an asset class, continues to stay misunderstood as well as mispriced: “With period, people will become increasingly much more conscious of the digital resource space, and that sophistication will reduce the correlation to standard markets.”

Could Bitcoin bounce back?
As a part of its most recent plunge, Bitcoin ceased within a price point of about $10,300, causing the currency’s social media sentiment slumping to a 24-month small. Nonetheless, unlike what one may believe, as reported by data released by crypto analytics firm Santiment, BTC tends to find a big surge whenever web based sentiment around it is hovering in FUD – fear, doubt and uncertainty – territory.

Bitcoin price may surge as fear as well as anxiety strain worldwide markets.

Despite Bitcoin‘s internet sentiment being at a two-year low, analytics say that BTC may be on the verge of a breakout.

The international economy doesn’t appear to be in a quality place at this time, particularly with destinations including the United Kingdom, France and Spain imposing fresh, brand new restrictions across their borders, therefore making the future financial prospects of many local business people even bleaker.

As much as the crypto economic climate goes, on Sept. twenty one, Bitcoin (BTC) fallen by almost 6.5 % to the $10,300 mark after owning stayed put around $11,000 for a few weeks. But, what is intriguing to note this time around may be the fact which the flagship crypto plunged doing value concurrently with yellow and the S&P 500.

Originating from a technical standpoint, a quick look at the Cboe Volatility Index shows that the implied volatility belonging to the S&P 500 during the aforementioned time window increased rather significantly, rising over the $30.00 mark for the very first time in a period of more than two weeks, leading numerous commentators to speculate that another crash quite like the one in March might be looming.

It bears mentioning that the $30 mark serves as being an upper threshold for your occurrence of world-shocking functions, such as wars or perhaps terrorist attacks. Or else, during times of regular market activity, the sign stays put around twenty dolars.

When looking at gold, the special metal has also sunk seriously, hitting a two-month low, while silver saw its the majority of significant price drop in 9 seasons. This waning interest in gold has led to speculators believing that men and women are once more turning to the U.S. dollar as an economic safe haven, especially because the dollar index has maintained a somewhat strong position against various other premier currencies for example the Japanese yen, the Swiss franc and the euro.

Speaking of Europe, the continent as a whole is now facing a possible economic crisis, with a lot of countries working with the imminent threat of a large recession because of the uncertain market situations that have been caused by the COVID-19 scare.

Is there more than meets the eye?
While there continues to be a distinct correlation in the price activity of the crypto, gold as well as S&P 500 marketplaces, Joel Edgerton, chief operating officer of crypto exchange bitFlyer, highlighted as part of a conversation with Cointelegraph that when in contrast with some other assets – such as precious metals, inventory alternatives, etc. – crypto has displayed much greater volatility.

In particular, he pointed out how the BTC/USD pair appears to have been sensitive to the mobility of the U.S. dollar and to any kind of discussions connected to the Federal Reserve’s potential strategy shift in search of to spur national inflation to above the two % mark. Edgerton added:

“The price movement is mainly driven by institutional businesses with list clients continuing to invest in the dips and build up assets. A vital item to watch is the likely result of the US election and if that changes the Fed’s response from its present incredibly accommodative stance to a much more normal stance.”
Lastly, he opined that any modifications to the U.S. tax code could also have a direct effect on the crypto sector, particularly as different states, as well as the federal government, continue to remain on the lookout for newer tax avenues to compensate for the stimulus packages that were doled by the Fed earlier this year.

Sam Tabar, former dealing with director for Bank of America’s Asia Pacifc region and co founder of Fluidity – the tight powering peer-to-peer trading wedge Airswap – believes which crypto, as being an asset category, continues to stay misunderstood as well as mispriced: “With time, individuals will become increasingly more conscious of the digital asset area, and that sophistication will reduce the correlation to conventional markets.”

Could Bitcoin bounce back again?
As a part of its the majority of recent plunge, Bitcoin ceased at a price point of about $10,300, causing the currency’s social media sentiment slumping to a 24-month low. But, contrary to what one could think, based on information released by crypto analytics firm Santiment, BTC tends to see a huge surge each time web based sentiment close to it’s hovering in FUD – dread, doubt and uncertainty – territory.

Promote Wrap: Bitcoin Sticks to $10.7K; DeFi Site dForce Doubles TVL contained twenty four Hours

Buying volume is pushing bitcoin greater. Meanwhile, DeFi investors keep on to seek places to park crypto for constant yield.

  • Bitcoin (BTC) is actually trading approximately $10,730 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.50 % over the prior twenty four hours.
  • Bitcoin’s 24 hour range: $10,550-$10,795.
  • BTC above its 50-day and 10-day moving averages, a bullish signal for advertise specialists.

Bitcoin’s price was able to hang on to $10,700 territory, rebounding out of a little bit of a dip after the cryptocurrency rallied on Thursday. It was changing hands around $10,730 as of media time Friday

Read more: Up five %: Bitcoin Sees Biggest Single-Day Price Gain for 2 Months

He cites bitcoin’s mining hashrate and difficulty hitting all-time highs, together with heightened economic uncertainty in the face of rising COVID 19. “$11,000 is actually the sole barrier to a parabolic operate towards $12,000 or even higher,”.

Neil Van Huis, mind of institutional trading at giving liquidity provider Blockfills, stated he’s simply happy bitcoin has been in a position to stay over $10,000, which he contends feels is a key price point.

“I think we have seen that evaluation of $10,000 hold which will keep me a level-headed bull,” he said.

The final time bitcoin dipped below $10,000 was Sept. 9.

“Below $10,000 tends to make me concerned about a pullback to $9,000,” Van Huis added.

The weekend should be somewhat calm for crypto, as reported by Jason Lau, chief operating officer for cryptocurrency exchange OKCoin.

He pointed to open fascination with the futures market as the source of that assessment. “BTC aggregate open fascination is still flat despite bitcoin’s overnight price gain – no one is actually opening brand new positions at this cost level,” Lau noted.