IMPORTANT MARKET UPDATE ๐ฅ๐ฅ๐ฅ
๐- Bitcoin remains near $66,000, while the CoinDesk20 Index suggests weakness in the broader crypto market.
๐- Crypto futures rates and open interest have declined, potentially indicating the end of a two-month rally.
๐- Ether is trading above $3,300, while the CoinDesk 20 (CD20) is down 0.6% to 2,532.
๐- The 10-year Treasury note yield reached a two-week high of 4.40%, influencing market sentiment due to inflation concerns and strong manufacturing activity.
๐- The increase in Treasury yields tends to divert money from risk assets, including Bitcoin, and zero-yielding investments like gold.
๐- Market sentiment is affected by uncertainties surrounding interest rates, with bettors on Polymarket ruling out a rate cut by May.
๐- Coinglass data shows over $245 million in long positions liquidated in the last 24 hours, with $60 million in BTC positions affected.
๐- Perpetual futures funding rates have returned to 1bps, and global futures open interest decreased by 10% overnight, suggesting closure of leveraged long positions.
๐- Some traders perceive the recent downturn as the end of a two-month rally, as BTC and ETH market prices dip below the 20-day moving average and bitcoin ETF inflows stagnate.
