BTC- Key things to look out for
Total exchange volume, after reached ATH in early Jan, has since come back down, but is still much higher than it was a year ago.
Fundamental-
Grayscale’s Crypto AUM has recently surpassed $30 Billion lvl and it was mostly driven by hedge fund involvement. Average commitment is in uptrend as well.
Fidelity Digital Assets President Tom Jessop is bullish on BTC along with Ray Dalio and Jordan Belfort (probably shouldn't mention him in the sentence as Dalio), both of them have been vocal critics of BTC until recently. Ray Dalio even went as far as claiming BTC as an alternative to gold-like assets.
Crypto exchange River Financial recently launched a mobile platform for iOS, aiming specifically at the demographic over 50s. If boomers join the BTC bandwagon, their wealth can become a powerful driving force of BTC's price
Derivative-
CME's leveraged funds have been steadily reducing their short positions since late Dec.
BTC futures volume, after reached its peak in mid Jan, has since come back down, but is still hovering around Dec. lvl.
BTC futures OI on Binance, Okex and CME has exceeded 2 billion few days ago and is still at elevated lvl despite a minor drop today.
Funding rate suggests that traders are moderately bullish
On-chain-
Recently, over $550 Million of BTC was transferred out of Coinbase Pro, which potentially indicated less selling pressure and more Hodl activity.
The # of Bitcoin whales (entities holding ≥ 1k
BTC) is still increasing
In January, more than 22.3 million unique addresses were active in the network sending or receivingBTC, the highest monthly number in Bitcoin's history to date
SOPR has recently reached 1, which means ppl are now less willingly to sell below the break-even price unless majority of them believe price will drop further because we are still in the bear market, which is an unlikely scenario. This could potentially mean the end of profit-taking and the resuming of uptrend.
USDT issuance continues to climb up steadily so is StableCoin Supply Ratio (SSR), which might indicate more buying pressure to push up the BTC price.
Fundamental-
Grayscale’s Crypto AUM has recently surpassed $30 Billion lvl and it was mostly driven by hedge fund involvement. Average commitment is in uptrend as well.
Fidelity Digital Assets President Tom Jessop is bullish on BTC along with Ray Dalio and Jordan Belfort (probably shouldn't mention him in the sentence as Dalio), both of them have been vocal critics of BTC until recently. Ray Dalio even went as far as claiming BTC as an alternative to gold-like assets.
Crypto exchange River Financial recently launched a mobile platform for iOS, aiming specifically at the demographic over 50s. If boomers join the BTC bandwagon, their wealth can become a powerful driving force of BTC's price
Derivative-
CME's leveraged funds have been steadily reducing their short positions since late Dec.
BTC futures volume, after reached its peak in mid Jan, has since come back down, but is still hovering around Dec. lvl.
BTC futures OI on Binance, Okex and CME has exceeded 2 billion few days ago and is still at elevated lvl despite a minor drop today.
Funding rate suggests that traders are moderately bullish
On-chain-
Recently, over $550 Million of BTC was transferred out of Coinbase Pro, which potentially indicated less selling pressure and more Hodl activity.
The # of Bitcoin whales (entities holding ≥ 1k
BTC) is still increasingIn January, more than 22.3 million unique addresses were active in the network sending or receiving
BTC, the highest monthly number in Bitcoin's history to dateSOPR has recently reached 1, which means ppl are now less willingly to sell below the break-even price unless majority of them believe price will drop further because we are still in the bear market, which is an unlikely scenario. This could potentially mean the end of profit-taking and the resuming of uptrend.
USDT issuance continues to climb up steadily so is StableCoin Supply Ratio (SSR), which might indicate more buying pressure to push up the BTC price.
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