According to external sources, almost two weeks after Bitcoin was in the vicinity of $60,000, the market did not form a consistent and steady judgement. The chain deficit has continued to rise, and the demand for downside protection in the options market is rising, indicating that some traders are still guarding against a new fall.
We've got a new supply.
Citing market data, it was reported that the current deficit in the supply of bitcoin had risen to 1,056 million, more than the previous high of 10.47 million. This means that at current prices, the BTC in almost half of the circulation is in a book deficit and the pressure on currency holders is rising.
The article also mentioned that 800 BTCs had recently been sold at a whale address for about $62,000 each. The warehouse was allegedly built in November of last year near a high of US$ 107,000, and was sold at a loss of approximately US$ 35 million. Reports suggest that such displacement reflects a weakening of the patience of some investors.
Redirect option funds to lower-level protection
From the derivatives market, there is an increasing interest on the part of traders in looking at options. Usually, the increase in option dynamism means that the market is preparing for greater volatility, but this money is more defensive.
According to the report, the Bitcoin scenario contract had risen to $36 billion, almost a month high. Of these, the single-day increase on June 18 was the most significant, indicating that more space had been added on that day. According to this article, the market is setting up ahead of schedule for subsequent price fluctuations.
$52,000 for end-of-month observation
The report cites the views of traders that the Deribit market has recently experienced a relatively short period of time to see the fall in position, with targeted prices concentrated on $60,000 in early July, $55,000 after 10 July and $52,000 at the end of the month.
According to the article, increased losses, increased losses and losses, as well as unsettled critical support positions, are the main backdrop for the increase in fallout. For the time being, the market's judgement of the “$ 60,000 already at the bottom” remains cautious, with some funds tending to pre-empt further declines.
Additional information:This is a text of a foreign media view based on market data and the conduct of traders, in which the presentation of $52,000 came from options market position and trader observations and was not a price result that had occurred.