🔍 Bitcoin ETF demand surges, short-term holders profit, but overheating in the futures market may indicate risks📉
On September 30, according to CryptoQuant's X tweet analysis, BTC has risen by more than 23% in the past three weeks, from $52,500 to more than $65,000. The analysis of this strong momentum is partly due to the increased demand for Bitcoin spot ETFs in the investment market.
On the other hand, short-term holders are investors who have transferred Bitcoin in the past 155 days, with an average purchase price of $63,000, which is currently expected to play a supporting role. Therefore, short-term holders are currently back in profit.
In addition, the futures market shows signs of overheating, with current open interest in contracts at about $19.1 billion. Since March 2024, the indicator has exceeded $18 billion six times, and each time it has ushered in a price drop, and this is the seventh time, which may indicate that futures prices may face the risk of falling again.
At the same time, the holdings of spot Bitcoin ETFs are gradually turning into supply for long-term holders. Although this phenomenon seems to indicate a bullish market on the surface, historically, such position transfers often occur at the end of bull market cycles.
💬 How do you think Bitcoin's current price trend will develop? Does the overheated futures market make you cautious about your Bitcoin investment strategy?
