The Bitcoin market is currently in an intriguing position, with the average coin still showing a 2x gain, despite most short-term holders being underwater.
Several volatility measures are also showing significant compression, indicating that a larger move could be imminent.
The #Bitcoin market is in an interesting spot, with the average coin still up 2x, whilst most Short-Term Holders are underwater.
A multitude of volatility measures are also heavily compressed, suggesting a larger move is on the horizon.
Discover more in the latest Week… pic.twitter.com/8J0MAKRraf
— glassnode (@glassnode) July 3, 2024
As Bitcoin dipped below $60,000, traders on Binance increased their BTC exposure. Currently, approximately 75.40% of all traders with an open BTC position on the exchange are going long, anticipating a rebound.
As #Bitcoin dipped below $60,000, traders on @Binance increased their $BTC exposure. Now, about 75.40% of all traders with an open #BTC position on this exchange are going long! pic.twitter.com/E2sYGhAHmH
— Ali (@ali_charts) July 3, 2024
According to analyst Ali Martinez, the TD Sequential indicator, which previously signaled buying Bitcoin at $60,000 on June 28 and selling at $63,200 on July 1, is now signaling another buying opportunity for BTC.
The TD Sequential, which told us to buy #Bitcoin at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy $BTC again! pic.twitter.com/JJzQtVJcBh
— Ali (@ali_charts) July 3, 2024
Should Bitcoin rebound to $62,600, over $1 billion could be liquidated.
Over $1 billion will be liquidated if #Bitcoin now rebounds to $62,600! pic.twitter.com/6gBiTTkPiH
— Ali (@ali_charts) July 3, 2024
Bitcoin Net ETFs Inflow Turns Negative After Consecutive Days Of Positive Inflows
Recent data on Bitcoin ETF net inflows on July 2, 2024, showed a sum of -$14 million, marking a slight shift to negative after five consecutive days of positive inflows.
Grayscale (GBTC) experienced an outflow of $32.4 million, surpassing the total inflows of all other Bitcoin ETFs combined. Conversely, BlackRock’s (IBIT) ETF saw the largest inflow of the day at $14.1 million.
🚨 $BTC #ETF Net Inflow July 2, 2024: -$14M!
• The net inflow turned slightly negative after being positive for 5 days.
• #Grayscale (GBTC) saw an outflow of $32.4M, larger than the sum of all other Bitcoin ETFs' inflows.
• #BlackRock (IBIT) had the largest inflow of the… pic.twitter.com/GvXMN34Gq6
— Spot On Chain (@spotonchain) July 3, 2024
These dynamics suggest that while the market is experiencing a period of compression, significant movements could be on the horizon. Investors and traders are closely monitoring these developments, as the potential for substantial price action appears to be building.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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