Bitcoin của (BTC) sudden $11,500 drop liquidated more than $1.64 billion worth of BTC futures contracts. This massive figure represents 8.5% of the total $19.5 billion in open interest, which coincidentally had just reached its all-time high.
Although these are significant figures, they were proportionally lower than the $1 billion futures liquidation on November 26, 2020. Tại thời điểm đó, các 16% correction that followed Bitcoin price testing a $16,300 low reduced the open interest by 17%.
In light of today’s big price move, các nhà đầu tư’ positive expectations regarding Bitcoin remain unfazed as both the futures contracts funding rate and the options 25% delta skew are not flashing any red flags.
Open interest dropped by 8%
Như biểu đồ trên cho thấy, negative price swings and reductions in BTC futures open interest does not impact Bitcoin’s long-term growth. Between Jan. 19 and Jan. 23, the indicator fell by 20%, but it only took only two weeks to recover to the $13 billion level.
Open interest will vary more aggressively when traders are using excessive leverage. When this occurs, normal price fluctuations will cause cascading liquidations, reducing the outstanding number of open contracts.
Contango held steady, indicating a healthy market
By measuring the futures contracts premium to the current spot levels, one can infer whether professional traders are leaning bullish or bearish. Thông thường, markets should display a slightly positive annualized rate, a situation known as contango.
Although the premium toned down after touching 5.7% vào tháng hai. 17, it has since dropped down to 3.5%, which is average. Considering that there are 31 days left for the Mar. 26 contract expiry, this translates to an extremely bullish 50% annualized rate.
Theo báo cáo trước đây của Cointelegraph, the perpetual contracts funding rate has exceeded 2.5% mỗi tuần. vì thế, arbitrage desks are likely paying such a hefty premium on March contracts to profit from the rate difference.
The options market’s 25% delta skew remains bullish
Các 25% delta skew measures how the neutral-to-bullish call options are priced than equivalent bearish put options.
The indicator acts as an options traders’ fear and greed gauge, and it is currently sitting at negative 6%, meaning protection to the upside is more expensive. This further confirms the absence of desperation from market makers and top traders.
Key indicators continue to favor bulls
Today’s price action might be surprising to new market participants, but those who remember when Bitcoin price crashed by $11,200 giữa tháng 1. 10 and Jan. 11 will know that these sharp movements can’t be deemed out of the norm, especially considering Bitcoin’s 6-day volatility at 5.1%.
The data suggests that traders buying today’s dip will likely come out on top. Bitcoin’s positive newsflow and institutional investors growing interest in BTC will likely just intensify after today’s $48,000 retest.
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