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Tuesday

27 July 2021

Bitcoin price hits $32K but derivatives metrics still show signs of weakness

Bitcoin price hits $32K but derivatives metrics still show signs of weakness


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There's no doubt that the last couple of months have been bearish for Bitcoin (BTC), but throughout this entire period, derivatives indicators have been relatively neutral.

After two months of struggling to sustain the $30,000 support and finally losing it on July 20, the futures premium and options skew turned bearish.

The chart above shows that 40,660 BTC have been added to Wrapped Bitcoin (WBTC) and RenBTC (RENBTC) over the past three months.

This indicator allows investors to understand how bullish or bearish professional traders are because it measures the difference between monthly futures contracts and the current spot market price.

Unlike futures contracts, there are two different instruments in options.

Currently, there's enough evidence of bearishness in the futures and options markets, and this hasn't been the case over the past two months.

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cointelegraph.com
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