Bitcoin spot ETF applications may have temporarily boosted BTC price, but noshitcoins says that the lack of activity from on-chain metrics and derivatives markets is concerning.
The price of Bitcoin has been trading between $29,900 and $31,160 for the past 18 days, causing concern among investors who are looking for explanations for the lack of a clear trend.
Despite the initial excitement about the possibility of the U.S. Securities and Exchange Commission approving a Bitcoin instrument for traditional finance markets, there's negative price pressure due to theThis combination of positive triggers and a stricter regulatory environment is likely the main cause of Bitcoin's recent price movement, and analyzing blockchain data could provide insights into the network's use.
typically trade at a 5 to 10% annualized premium, known as contango, which is not unique to crypto markets.The Bitcoin futures premium crossed the neutral 5% threshold on June 26, just five days after the $30,000 support level was breached. It took investors ausing leveraged long positions, reaching the highest price point since June 2022. This significantly increases the likelihood of liquidations and panic selling if the Bitcoin price drops by 8% in a short period.
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