Профессиональные трейдеры покупают падение цен на биткойны, в то время как розничные инвесторы гоняются за альткойнами

Биткойн (BTC) has been struggling to sustain the $55,000 support level for the past 16 дней, or basically since the April 17 record-high $5 billion long contracts liquidation. The rejection that took place after the $64,900 all-time high had a devastating impact on the sentiment of retail traders, as measured by the perpetual futures funding rate significant drop.

тем не мение, despite Bitcoin’s recent underperformance and today’s 6.5% drop, pro traders have been buying the dip for the past 24 часы. These whales and arbitrage desk movements are reflected in the OKEx futures long-to-short ratio, as well as Bitfinex’s margin lending markets. As this buying occurs, retail traders are mainly quiet, which is reflected in the neutral perpetual funding rate.

USDT-margined perpetual futures 8-hour funding rate. Источник: Bybt

Как изображено выше, the perpetual futures (обратные свопы) 8-hour funding rate has been below 0.05% for the past couple of weeks. For the end-of-month contracts, prices vastly differ from regular spot exchanges, reflecting the imbalance from longs and shorts leverage.

This discrepancy is why retail traders tend to prefer perpetual futures, albeit with the varying carry cost caused by the funding rate changes.

The current 8-hour fee is equivalent to a 1% weekly rate, signaling a slight imbalance on longs. тем не мение, this level is well below the 0.10% and higher rates seen in early April. This data is clear evidence that retail traders aren’t comfortable adding Bitcoin long positions despite the 9% correction in two days.

С другой стороны, the top traderslong-to-short indicator reached its highest level in 30 дней, signaling buying activity from whales and arbitrage desks. Этот показатель рассчитывается путем анализа консолидированной позиции клиента на месте., бессрочные и фьючерсные контракты. В следствии, это дает более четкое представление о том, склоняются ли профессиональные трейдеры к бычьим или медвежьим.

OKEx top traders long-to-short ratio. Источник: Bybt

Как показано выше, the current OKEx futures long-to-short ratio currently favors longs by 94%. This buying activity was initiated in the early hours of May 4, as Bitcoin broke below $55,000. Важнее, it signals even more confidence than April 14, when BTC hiked to its $64,900 самые высокие за все время существования.

тем не мение, to confirm whether this movement is widespread, one should also evaluate margin markets. Например, the leading exchange (Bitfinex) holds over $1.8 billion worth of leveraged Bitcoin positions.

Цена BTC (апельсин, left) против. Bitfinex long-to-short margin ratio (синий, правильно). Источник: TradingView

Bitfinex shows spectacular growth in the BTC margin markets with longs over 50x the amount borrowed by shorts. These levels are unprecedented in the exchange’s history and confirm the data from OKEx’s futures markets.

There’s no doubt that professional traders are ultra-bullish despite today’s Bitcoin dip. As for the lack of appetite from retail traders, their focus seems to be currently on altcoins.

В настоящее время, 18 из лучших 50 altcoins have rallied 45% or higher in the past 30 дней.

The question is, can the altcoin rally continue if BTC fails to produce a new all-time high over the next couple of weeks?

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..

Давайте заблокируем рекламу! (Почему?)

Источник: Cointelegraph

загрузка ...