In the Bitcoin (BTC) market, the decrease in active trading by institutional participants due to summer holidays caused liquidity to decrease.
According to Bitfinex analysts, this situation increased the selling pressure. “Bitcoin selling pressure was triggered by fund managers on summer vacation, making the market illiquid,” analysts said.
Bitfinex stated that long-term Bitcoin holders are still realizing their profits. Analysts said, “We see that even long-term investors who have held Bitcoin for 3-4 years are not taking risks at the moment and are reducing their spot positions. This situation stems from German law enforcement's Bitcoin sales, Mt. "It could be due to transfers from Gox's Bitcoin wallet or a general lack of market confidence," he added.
Miners Reduce Selling Pressure
Bitget chief analyst Ryan Lee said that Bitcoin's performance in the market is due to the German government transferring confiscated Bitcoins to multiple cryptocurrency exchanges and Mt. Gox uses its Bitcoin wallet to provide liquidity on exchanges such as Bitbank. “The market is being pushed to expect potentially further selling pressure,” Lee said.
Lee also noted Bitcoin's current price levels, stating that the price has fallen below the cost prices of some mining equipment. “Miners now tend to hold on to their Bitcoin rather than sell it, reducing potential selling pressure from miners,” he added.
Put-Call Ratio Increased
According to Greeks.live data, Bitcoin options worth $ 1 billion expired today. The put-call ratio increased to 0.65.
This shows that the number of investors buying put options is increasing. However, the majority of open positions still consist of call options.
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