Bitcoin Firmly Holding Above $30,000: Open Interest Shows Increase

  • During the extended long weekend in the US, markets are showing weakness as the Asian trading session begins.
  • In the past 4 hours, only $655,000 worth of positions were liquidated in Bitcoin, and $910,000 worth of liquidations occurred in the past 12 hours.
  • According to Block Scholes, the correlation between Bitcoin price changes and US stock markets, especially the Nasdaq and S&P 500 indices, has significantly decreased in the past 90 days.

Despite the calmness in the US, Bitcoin appears determined to stay above $30,500; open interest has increased by approximately 30% since June 15.

Bitcoin Holds Above $30,000

bitcoin-btc

During the extended long weekend in the US, as the Asian trading session begins, markets are showing weakness. Bitcoin dropped by 2% to $30,360, while Ethereum declined by 2.6% to $1,905. However, trading volume on major exchanges experienced a decrease of 15% to 20%.

The decrease in activity is reflected in liquidation volumes. In the past 4 hours, only $655,000 worth of positions were liquidated in Bitcoin, and $910,000 worth of liquidations occurred in the past 12 hours. These figures indicate relatively low levels of trading and liquidation activity in the market.

When BlackRock filed for an ETF on June 15, open interest in Bitcoin was just above $11 billion. Today, the open interest has surpassed $14.3 billion, representing an increase of approximately 30% since June 15.

bitcoin-futures-oi

Decreasing Correlation Between Bitcoin and US Stocks

According to crypto analytics firm Block Scholes, the correlation between Bitcoin price changes and US stock markets, especially the Nasdaq and S&P 500 indices, has significantly decreased and approached zero in the past 90 days. This represents the lowest correlation level observed in the past two years.

A research analyst at Block Scholes stated that the decreasing correlation occurred during a period when both Bitcoin and traditional assets recovered from the losses they experienced during the tightening period last year. Crypto traders who rely heavily on traditional market sentiment and macroeconomic developments may face difficulties in predicting Bitcoin’s price movements.

The applications for spot Bitcoin exchange-traded funds (ETFs) by major financial institutions such as BlackRock, Fidelity, WisdomTree, VanEck, and Invesco have created optimism in the crypto market. Since BlackRock’s application on June 15, Bitcoin has shown a significant 25% return despite the range-bound activity seen in US stock indices.

According to Ilan Solot, the head of digital assets at Marex Solutions, the ETF story can be understood in three key aspects. Firstly, expectations and speculation surrounding the launch of these ETFs can lead to potential front-running among investors. Secondly, when spot ETFs go live, significant capital inflows can occur in the market. Lastly, the approval and introduction of these ETFs will contribute to the recognition of cryptocurrencies as a recognized asset class.”

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Mt. Gox Bitcoin Payout Nears: Could $9 Billion BTC Distribution Impact Market?

The impending Mt. Gox Bitcoin payout could mark a pivotal moment for the crypto market. Learn how this historic event might impact Bitcoin prices and what it means for the industry.

What Investors Should Expect as BTC Prepares for Major Supply Shift – After Bitcoin Halving

Explore how the Bitcoin halving in 2024 could transform the cryptocurrency landscape and investment strategies.

Bitcoin and Ethereum Price Analysis: Fidelity Report Highlights Impact of Halving and Upgrade

Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity's in-depth analysis.

Bitcoin Recovers to $66K: Analysts Debate Future After Halving Dip

Get the latest insights on Bitcoin's price action, analyst predictions, and the potential impact of the recent halving event.

Bitcoin Fees Plummet, EigenLayer Yield Crisis Looms, Telegram Boosts Crypto Adoption – Today’s Crypto Roundup

Get the latest on EigenLayer's potential downturn, Bitcoin's record-breaking fees, and how Telegram is fueling the rise of Web3 in this comprehensive crypto news update.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin and Ethereum Price Analysis: Fidelity Report Highlights Impact of Halving and Upgrade

Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity's in-depth analysis.

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Mt. Gox Bitcoin Payout Nears: Could $9 Billion BTC Distribution Impact Market?

The impending Mt. Gox Bitcoin payout could mark a pivotal moment for the crypto market. Learn how this historic event might impact Bitcoin prices and what it means for the industry.

What Investors Should Expect as BTC Prepares for Major Supply Shift – After Bitcoin Halving

Explore how the Bitcoin halving in 2024 could transform the cryptocurrency landscape and investment strategies.

Bitcoin and Ethereum Price Analysis: Fidelity Report Highlights Impact of Halving and Upgrade

Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity's in-depth analysis.