Вот почему быки не верят в падение цены биткойнов до $50,000

Биткойн (BTC) has been bouncing at the $51,000 support for the past 44 дней. Обычно, this would be interpreted as a positive occurrence, especially considering that the $50,000 level represents a 75% advance in 2021.

тем не мение, cryptocurrency investors are typically short-term-focused and always overly optimistic. Таким образом, the current narrative for Bitcoin is slowly turning bearish but aside from sentiment, what story are the fundamentals telling?

тем не мение, there is a possibility that the recent drop has its roots in the $1.55 billion options expiry set to occur on April 23. Как ранее сообщал 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.

Цена биткойнов на Coinbase, доллар США. Источник: TradingView

С другой стороны, 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, which is relatively portable, is concentrated in areas where electricity is unused and cheap.

более того, while the gold industry is environmentally destructive and diesel energy-dependent, Bitcoin mining can be fully powered by clean energy. Unlike precious metals, Биткойн-майнеры’ portability allows the use of previously wasted oil and gas resources.

В любом случае, 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 traderslong-to-short net positioning. This indicator is calculated by analyzing clientsconsolidated positions on the spot, поле, and futures contracts. By doing this, он дает более четкое представление о том, склоняются ли профессиональные трейдеры к бычьим или медвежьим.

Важно отметить, что время от времени существуют расхождения в методологии между различными биржами., поэтому нужно следить за изменениями, а не за абсолютными цифрами.

Exchange’s top traders Bitcoin long-to-short ratio. Источник: Bybt

The chart above shows that top traders increased their exposure between April 14 и апрель 17, while the Bitcoin price was above $60,000. С другой стороны, 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 в апреле 17. Albeit slightly favoring longs, электрический ток 1.18 indicator sits at the lower range of the past three weeks.

Наконец, Huobi top traders added long positions between April 14 и апрель 18, but they kept a steady 0.90 ratio.

Следовательно, 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 пик.

тем не мение, investors are encouraged to wait for Friday’s options expiry before jumping to any fast conclusions.

Взгляды и мнения, выраженные здесь, принадлежат исключительно авторр и не обязательно отражают точку зрения Cointelegraph. Каждое инвестиционное и торговое движение связано с риском. Принимая решение, вам следует провести собственное исследование..

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Источник: Cointelegraph

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