Analysts Announce What Will Disrupt the Balance in the Bitcoin Market

Cryptocurrency analysts explained the factors that may disrupt the balance in Bitcoin markets.

With the Bitcoin (BTC) price coming back to the $60,000-70,000 range, balance was achieved between buyers and sellers in the market. On the one hand, investors are waiting for the spot Ethereum ETFs to receive final approval.

“This calm environment [in the market] is only disturbed by the fact that the spot-forward basis and funding rates on perpetual futures contracts remain persistently high, which indicate that it is still strongly positioned and therefore there is a downside risk,” QCP analysts said.

Funding rate is the periodic payment that perpetual futures contract investors make to each other in order to keep the contract price close to the index price. If this ratio is above 1, it indicates that buyers are willing to pay sellers and is considered bullish. In the opposite case, a bearish picture occurs.

Cryptocurrency exchange Mt. collapsed in 2014. Gox is preparing to repay its creditors. For this purpose, the exchange started to transfer more than 140,000 Bitcoins to new wallets. Refunds are expected to be made by October 2024.

Mt. Even though Gox announced that these Bitcoins have not been sold yet, QCP analysts said, “The market is Mt. "Perhaps he brushed off the news that the Gox wallet was preparing for a refund too quickly," he said.