Bitcoin is retesting the lower end of the range, OI still rising as GBTC is now unlocking behind us

The market weakness continued this week, pushing Bitcoin price below $ 30,000 again. The leading cryptocurrency fell to around $ 29,300 while Ether rose to $ 1,717. The total market cap for cryptocurrencies is now $ 1.24 trillion.

This time around, however, stocks, bond yields, and even commodities are falling rapidly, with a stronger USD acting as a headwind for risky assets.

Amid this, the open interest for Bitcoin futures on the leading exchange Binance has risen to 101.37,000 BTC, an increase of almost 78% in almost a month. The total Bitcoin OI has now exceeded 400,000 BTC, up from 375.74,000 just three days ago.

As for Ether, the OI on Binance has climbed to 770,000 ETH in two weeks, which is a 44% increase. In the past three days, the total Ether OI has increased from 2.77 million ETH to 2.94 million ETH million, according to Bybt.

ETH -3.56%

/ U.S. DOLLAR

$ 1,752.77-$ 62.40 -3.56%

Volume 16.97 billion USD Change -62.40 USD Opening 1,752.77 USD Circulation 116.77 million USD Market capitalization 204.67 billion USD

6 min Bitcoin retests the lower end of the range, OI is still rising as GBTC unlocks behind us now 20-hour ETFs are having the best year ever while SEC refuses to give a Bitcoin ETF the green light 22- Hourly grayscale to start a DeFi fund and index for institutional investors to get broad exposure

In response to this surge in OI, data tracker IntoTheBlock noted, “Strong bearish signals in the derivatives market. The drop in price with rising open interest indicates that new short positions are being opened. “

you are right now

– CL (@ CL207) July 19, 2021

This drop in prices was also due to the lack of inflows that helped the rebound in crypto prices, as CoinShares noted in its report, “The summer lull is here, but in line with seasonal expectations”.

In another quiet week, digital asset investment products saw minimal net inflows of $ 2.9 million last week, while Bitcoin products continued to see outflows. In the second week, Bitcoin saw outflows totaling $ 10.4 million, but these were minimal compared to the significant outflows in May and June of this year.

However, Ethereum saw its third straight week of inflows, with last week’s inflows of $ 11.7 million bringing total inflows for this year near the $ 1 billion mark.

While altcoins saw inflows, they were weak as, Polkadot, Multi-Asset, and Stellar were each less than $ 0.5 million. Altcoin volume also fell to just 38% of the year-to-date average, reaching $ 3.9 billion a day last week.

XRP -5.87%

XRP / USD

$ 0.53-$ 0.03 -5.87%

Volume 2.04 billion USD Change -0.03 USD Opening 0.53 USD Circulation 46.27 billion USD Market capitalization 24.38 billion USD

6 min Bitcoin retests the lower end of the range, OI continues to rise as GBTC unlocks behind us now 3 d Another win for Ripple as Richter orders the removal of former SEC official William Hinman 4 d ByBit finally starts Spot trading with four trading pairs including BTC, ETH, and XRP

DOT -6.04%

Polkadot / USD

$ 10.82 – $ 0.65 -6.04%

Volume 1.03 billion change -0.65 USD opening 10.82 USD circulation 976.92 million USD market capitalization 10.57 billion USD

6 min Bitcoin tests the lower end of the range again, OI continues to rise, while GBTC is now unlocked behind us 3 d Cardano launches latest version of Alonzo Testnet, called Alonzo White 6 d Energy Trading Platform Power Ledger switches allegiance to Solana Blockchainana

ADA -7.37%

Cardano / USD

$ 1.06-$ 0.08 -7.37%

Volume 1.69 billion USD Change -0.08 USD Opening 1.06 USD Circulation 32.04 billion USD Market capitalization 33.81 billion USD

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XLM -7.02%

Stellar / USD

$ 0.20 – $ 0.01 -7.02%

Volume 401.62 million change – $ 0.01 opening 0.20 billion USD circulation 23.29 billion market capitalization 4.73 billion

6 min Bitcoin tests the lower end of the range again, OI continues to rise, while GBTC is now unlocked behind us 2 w BIS: The goals of crypto investors are the same as for other asset classes, “this is how regulation should be” 2 w According to Compound Finance, Coinbase is now offering users 4% APY on USDC

“We don’t think this is anything sinister in the market as we’ve seen similar seasonal drops in volume over the past few years in the summer months,” CoinShares said.

4/2

Institutional Demand (IDR) that drove ATHs from 1H’21 has declined significantly since May. New 12 month lows will be reached this morning.

The demand in the chain has dried up and the inflows have stalled, the price followed!

We watched it on the @ ByteTree terminal pic.twitter.com/MeaoNzdpw0

– James Bennett (@jamesonthechain) July 20, 2021

On-chain data, according to Weiss Ratings, “shows the battle between institutional bears and retail bulls,” with long-term HODLers and miners showing “incredible resilience.”

And while the demand for the universal Bitcoin Exchange Traded Funds (ETFs) has slowed, over-the-counter (OTC) trades for BTC appear to be growing.

The good thing is that Grayscale Bitcoin Trust’s biggest unlock is behind us, even though GBTC is still trading at a steep 13.44% discount. “While this does not directly affect the price of BTC, traders can see an opposite position to short BTC and buy GBTC from here in anticipation of a tightening discount,” said James Bennett of ByteTree.

At the same time, while GBTC haircuts are bad for sentiment, trader and economist Alex Kruger notes that “most positions are hedged and the credit / shorts have to cover what is upward pressure locally.”

GBTC now unlocks almost completely – the only positive thing for $ BTC right now. The market has just left the biggest unlock ever pic.twitter.com/644QELcWGb

– Alex Krüger (@krugermacro) July 19, 2021

In the long term, the majority of 42 global cryptocurrency experts believe hyperbitconization will happen by 2050, according to a new survey published by the UK’s personal finance platform Finder.

While 29% of respondents expect this to happen a decade earlier by 2040, 44% don’t expect it to happen.

When it comes to price, the panelists predict that BTC price will climb to a whopping $ 318,417 by December 2025 and a whopping over $ 4 million by December 2030. However, the median price forecast for 2030 is $ 470,000. For the current year, they expect BTC to end the year at just over $ 66,000.

“Halving events and inflation on the way through 2025 and 2030 will likely trigger the bigger upside moves,” Justin Chuh, senior trader, Wave Financial, said in the report. “Prices are likely to be continuously driven by supply and demand, less availability for a broader group of users.”

Bitcoin / USD

29,701,4230 $ -1,084.10 -3.65%

  • Volume 23.76 b
  • Change -1,084.10 $$
  • Open $ 29.701.4230
  • Circulation 18.76 m
  • Market capitalization € 557.25 billion

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