key takeaways:
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BTC futures and options show stable investment spirit despite the recent price improvement.
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Macroeconomic uncertainty and growing American trade war reduced bitcoin obstacles, which is at high levels of recent times.
Bitcoin (BTC)) Fall 5.5% between 27 May and 30 May, withdrawn the level of $ 104,000 for the first time in eleven days. Despite the improvement, professional bitcoin traders remained optimistic, as reflected in BTC derivatives data and a demand for stabechoin continues in China.
The BTC is moving in a close alignment with the US government bonds, suggesting that macroeconomic factors on 22 May are likely to be behind weakness after all time of $ 111,970. The trade war led by US President Donald Trump has affected investors with high risk.
Yield on 10-year-old American Treasury Bond On May 22, 4.60% reached, but since then fell to 4.42% as investors demanded security of government -backed assets. Falling yields suggest that traders are accepting low returns, leading to an increase in procurement activity. The change occurred from May 22 to May 30 with a drop of $ 7,900 of bitcoin.
Bitcoin futures premium is currently at 7%, unchanged from 27 May, when BTC traded near $ 110,000. This level comes comfortably within the neutral 5% to 10% range, which is unlikely that it was the cause of futures improvement. Even more important is that there is no evidence Excessive leverage Contributed to all -time high on 22 May.
The total open interest in BTC futures equivalent to 700,000 BTC on 30 May, was just 2% below the level seen on 27 May, showing no significant decline in traders’ hunger for leveraged positions. In fact, liquid BTC futures had a total of $ 323 million in total four days, less than 0.5% of the total open interest.
Bitcoin option market also showed a limited response to $ 104,000 RESTEST. The 25% delta lasts within a neutral range of +6% to +6%, indicating that traders are pricing similar possibilities for up and down movements. Typically, when whales and market makers are expected more negatively, the metric increases above 6% as the put (cell) options begin trading at a premium.
Connected: After bitcoin, the loss of hyperlicid whale near $ 100m takes a dip below $ 105k
Tether (USDT) The official USD/CNY is trading in China at a discount of 0.4% relative to the rate, suggesting that the fall of bitcoin has not triggered widespread exit from the Crypto market. This indicates a rotation in stabechoin, the possibility that investors wait for macroeconomic uncertainty.
Strong short -term correlation between American Treasury and bitcoin, combined with stable BTC derivative The metrics, showing that professional traders are not worried up to $ 104,000 from the pullback. From a technical point of view, the recent improvement does not reduce the interest from traders despite a $ 347 million pure outflow from the Spot Bitcoin Exchange-Trade Fund (ETF) on 29 May.
This article is for general information purposes and is not intention and should not be taken as legal or investment advice. The ideas, ideas and opinions expressed here are alone of the author and not necessarily reflected or represented the ideas and ideas of the components.
