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Bitcoin funding rate drops but open interest remains high! Matrixport: Expected to reach new highs after a brief decline

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Release: 2024-06-19 15:42:30
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Bitcoin funding rate drops but open interest remains high! Matrixport: Expected to reach new highs after a brief decline

The cryptocurrency market has been falling since early June, with BTC falling from a high of $72,000 on the 7th. At close to four o'clock this morning (19th), BTC's lowest price was 64,051 US dollars; however, it then started to rebound. At the time of writing, it was quoted at 65,162 US dollars, and the decline in the past 24 hours narrowed to 0.64%.

Matrixport: Bitcoin may hit a new high after a brief decline

Faced with the market conditions of BTC repeatedly trading sideways, the cryptocurrency investment platform Matrixport released on the social platform X yesterday evening (18th) The graphic points out that although the current market sentiment is not optimistic, the current market positions are still at a high level, so Bitcoin is expected to hit a new record high after a brief decline: Bitcoin’s current funding rate is continuing to decline, which reflects Market optimism is waning. However, the current level of open interest in Bitcoin is still at a high level, which may cause Bitcoin to reach new all-time highs again after a brief decline in price.

Bitcoin funding rate drops but open interest remains high! Matrixport: Expected to reach new highs after a brief decline

Bitfinex analyst: Bitcoin is entering a consolidation phase

In addition, according to "The Block" report, Bitfinex analysts judged that Bitcoin's current The decline may be due to selling by long-term holders, and the market is entering a consolidation phase: Long-term Bitcoin holders and whales appear to be behind the recent market decline, both from exchanges and over-the-counter trading. Historically, long-term holders tend to gradually sell their Bitcoin holdings during bull markets, especially when the market enters a consolidation phase. Bitcoin whale holdings have continued to decline recently, clearly putting pressure on the market.

What are the potential benefits of the market?

But although the cryptocurrency market is currently wailing, the market may still rebound quickly due to the following positive factors:

1. Bloomberg analysts expect the Ethereum spot ETF7/2 to be listed

After the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 application documents for multiple Ethereum spot ETFs on May 24, SEC Chairman Gary Gensler disclosed at a hearing on June 13 that the SEC expected The S-1 registration application for the Ethereum spot ETF will be approved “sometime this summer.”

In view of this, Bloomberg ETF analyst Eric Balchunas decided on June 16 to advance the launch date of the Ethereum spot ETF to July 2. He revealed that he had heard that the SEC had provided the issuer with Comments on the S-1 filing, which are brief and don’t have major issues, require a response within a week: There’s a good chance the ETFs will be formally approved next week and the matter resolved before the holiday weekend. Anything is possible, but this is our best guess right now.

2. Expert: The Fed may adjust its interest rate cut expectations to two in September

Although the Fed's interest rate dot plot predicts that it will only cut interest rates once this year, the dot plot is only a reference after all. , may change over time. Therefore, InflationInsights analyst Omair Sharif said on the day the Fed announced its interest rate decision that the Fed may change its interest rate cut expectations to two in September: These Fed forecasts indicate that FOMC participants have inflationary PTSD (post-traumatic stress disorder) , the Fed may eventually change its forecast for two interest rate cuts in September.

3. Cryptocurrency has become an important position in the US election

The quadrennial presidential election in the United States will be held in early November this year. Former US President Trump (Donald Trump), who represents the Republican Party, is Actively solicit votes to challenge current US President Joe Biden, who is vying for re-election.

The Biden administration may continue to relax regulations facing the crypto industry in the United States in order to attract pro-cryptocurrency voters.

The above is the detailed content of Bitcoin funding rate drops but open interest remains high! Matrixport: Expected to reach new highs after a brief decline. For more information, please follow other related articles on the PHP Chinese website!

source:120btc.com
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