Binance expects trading volume to hit $85 million, signaling a possible short-term top for Bitcoin. Bitcoin (BTC) just surpassed $62,000 after the US Federal Reserve (Fed) cut interest rates by 50 basis points, the first cut in four years, boosting the cryptocurrency market.
Binance Signals Short Term Top
Binance records $85 million in spot trading volume in one hour, highest in three months.
According to Glassnode, such surges in volume are often followed by price declines, suggesting that Bitcoin's current rally may be short-lived.
Additionally, investors holding Bitcoin for less than 155 days are taking profits, with over $750 million in Bitcoin being sent to exchanges for sale, reinforcing the case for a short-term top as many take advantage to take profits.
Increase Short Position on CME
David Zimmerman of K33 said that traders on CME added 5,500 BTC in their short positions. This shows that they are preparing for market volatility after the FOMC meeting.
Bitcoin ETF In The US Recorded Outflows
While Bitcoin prices rose, Bitcoin spot ETFs in the US recorded a net outflow of $52.7 million, according to Spotonchain.
Bitcoin ETF ARK 21Shares led the way with outflows of $43.4 million, followed by Grayscale Bitcoin Trust and Bitwise Bitcoin ETF.
However, Grayscale Bitcoin Mini Trust had inflows of $2.7 million, bucking the general trend.
