Bitcoin (BTC) has been bouncing at the $51,000 support for the past 44 journées. Typiquement, this would be interpreted as a positive occurrence, especially considering that the $50,000 level represents a 75% advance in 2021.
toutefois, cryptocurrency investors are typically short-term-focused and always overly optimistic. Donc, the current narrative for Bitcoin is slowly turning bearish but aside from sentiment, what story are the fundamentals telling?
toutefois, there is a possibility that the recent drop has its roots in the $1.55 billion options expiry set to occur on April 23. Comme indiqué précédemment par Cointelegraph, bears have a $340 million advantage below $57,000. That could also explain why pro traders kept a neutral stance despite the 18% dip over the past eight days.
D'autre part, some analysts such as Willy Woo have said that the Chinese coal mining accident caused the violent drop in Bitcoin’s hashrate. This event, plus the electricity outage in China’s Xinjiang region, may have reduced the Bitcoin network’s processing power by 19%, and it exposed its heavy dependency on coal-driven energy.
While critics jumped in to bash Bitcoin, Coin Metrics co-founder Nic Carter produced a well-researched rebuttal to some of the key claims. Carter points out that Bitcoin mining, qui est relativement portable, is concentrated in areas where electricity is unused and cheap.
de plus, while the gold industry is environmentally destructive and diesel energy-dependent, Bitcoin mining can be fully powered by clean energy. Unlike precious metals, Mineurs de Bitcoin’ portability allows the use of previously wasted oil and gas resources.
Whatever the case, pro traders haven’t been adding positions during the recent BTC price correction.
Pro traders aren’t selling but are also not buying at any price level
Major cryptocurrency exchanges provide data on their top traders’ long-to-short net positioning. This indicator is calculated by analyzing clients’ consolidated positions on the spot, marge, and futures contracts. By doing this, it provides a clearer view of whether professional traders are leaning bullish or bearish.
Il est important de noter qu'il existe des divergences méthodologiques occasionnelles entre les différents échanges, il faut donc surveiller les changements plutôt que les chiffres absolus.
The chart above shows that top traders increased their exposure between April 14 et avril 17, while the Bitcoin price was above $60,000. D'autre part, over the past five days, these whales and arbitrage desks remained relatively flat.
It is worth noting that the current 1.49 ratio favoring longs on OKEx remains lower than the 1.75 level seen on April 17. This data signals that top traders reduced their positions over the past five days.
A similar trend took place at Binance, where top traders net long-to-short ratio peaked at 1.25 en avril 17. Albeit slightly favoring longs, the current 1.18 indicator sits at the lower range of the past three weeks.
enfin, Huobi top traders added long positions between April 14 et avril 18, but they kept a steady 0.90 ratio.
Par conséquent, there is no doubt that whales and arbitrage desks are not adding to their long positions even as BTC tests the $52,000 support with a 20% correction from the April 14 de pointe.
toutefois, investors are encouraged to wait for Friday’s options expiry before jumping to any fast conclusions.
Les vues et opinions exprimées ici sont uniquement celles de author et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques. Vous devez mener vos propres recherches lorsque vous prenez une décision.
Bloquons les annonces! (Pourquoi?)
La source: Cointelegraph