Bitcoin
The market stops the bull, and how.
Despite an increase in ETF flow spotStablecoin market caps, and Positive organizational developments In the United States, the leading cryptocurrency continues according to the market value in trading without a direction, and it fluctuates between $ 100,000 and $ 110,000.
It was a standard number 42 consecutive days of a $ 100 trading on the brand, and the question is: Who was selling BTC and calmly faced ETF flows amid increasing concerns about American financial situation?
According to Alexander Blume, the administrative partner of the SEC Two Prime, BTC faces a unique offer from the formation of the participants as he moves from speculative buyers to the long -term investors.
“In the midst of the recent geopolitical disturbances, it makes sense for speculators and dealers to take advantage of the risk of the table. Meanwhile, the long -term new investors buy the decline,” Blum told Coindsk. “It seems that we are currently in the balance of these groups.”
Blockchain data Followed by Glassnode He explains that the portfolio with a history of metal currencies for a period of less than a year has recently increased the profits. On Monday, this portfolio formed 83 % of the total achieved profits. Moreover, the portfolio carrying metal currencies for six to 12 months alone, 904 million dollars in the market pressure, contributed to the second highest year.
Selling by short -term holders follows a more aggressive profit process by long -term holders in May and early this month. According to Glassnode, the profit achieved for the governor achieved to make currencies for more than 12 months receipt The peak of $ 1.2 billion last week. Last week, this group achieved only $ 324 million of profits.
“OG investors continue in the long term to sell in the fixed demand made by ETF, and to absorb the effects effectively and maintain the price movement under exam 10x searchHe said in a note to customers Thursday.
BTC emptying workers
Miners, or those who produce Bitcoin, also contribute to the pressure pressure, according to IntothBlock Data source.
The balance, which was held in the governor of mines, decreased to nearly 1.91 million BTC from 1.94 million at the end of May, indicating that these entities emptied about 30,000 BTC in 20 days.
“Miners must sell constantly, believe or not believe, some long -term holders continue to gradually sell because they run the obligations of the United States of America. The main thing is the size – is it sold or bought on a large size?
Note that the share of miners is in the total immediate market size It is minimal It has reached the lowest level since 2022.
Stacks of accumulation to get the best alternatives
In general, the great accumulation by both whales and small addresses that were observed during the initial bitcoin periods are higher than its first lowest levels in April near 75,000 dollars have stopped since the prices turned to six numbers.
“These accumulation patterns themselves began to weaken as soon as BTC violates $ 100,000. The reason is that the price that slows down is probably due to the availability of the best alternatives. The financing rates were gathering severely, linking the neutral positions of the delta, it is possible that there will be between 15-30 % of APY attractive enough to the risks based on the direction,“ Benjamin Lilly of Garvis.
The neutral trading of the Delta includes the shortcomings of the permanent future and the purchase of origin at the same time in the immediate market when the futures are traded at an immediate price. The non -directional arbitration strategy enables merchants to benefit from price difference while mitigating the risks associated with price fluctuations.
Jimmy Yang, co -founder of orbit markets, said Bitcoin is ripening in the category of more stable origins, meaning that he may not necessarily generate great returns. This probably prompted some of their owners to get rid of other assets.
“Although the direction remains, investors can no longer expect 10x or 100x revenues in a short period. As a result, we saw some of their owners in the long run start stripping part of their BTC holders to diversify to other classes such as stocks, gold and private places-a logical step from the perspective of allocating the wallet.
What next?
According to Yang, the market may not provide a lot of excitement in the short term, as the cryptocurrency continues to circulate along with stocks and broader risk morale.
“Both categories of assets are hovering near the high levels at all, and if the stocks rise, it is likely to follow BTC. With calm in the summer, the market activity is expected to remain defeated in the short term.”
Blume said that the BTC market may cool a little, after he saw prices rising from 75 thousand dollars to more than $ 100,000 in the first weeks of this quarter.
Bloom said: “It is supposed to keep in mind that Bitcoin currency ranged from 78,000 less than two months ago, so I expect that there will be a great thing anyway.
According to Thielen, the main levels to see are $ 102,000 on the downside and $ 106,000 on the upper side.
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