Bitcoin (BTC), The US-China rose to $ 94,700 due to optimism and significant amount of corporate capital flow regarding the potentially alleviation of the tension of customs duties.
However, Glassnode, the in -chain analysis platform, warns that the market has not yet been fully rising.
In a recent report, Glassnode said that the US Spot Bitcoin ETFs have recorded a record of $ 1.54 billion at a record level on April 22, which indicated a wave of institutional demand. This increase helps BTC to shortly recover the cost base of the $ 92,900 -level Short Tutor (STH) cost base for a short time; This is a critical threshold that usually distinguishes the stages of decline and rise market.
During the rally, approximately 5 %of Bitcoin’s circulating supply changed hands and the percentage of supply in profit increased from 82.7 %to 87.3 %. However, Glassnode has proven that some short -term owners sell profits, as it has been proven by reaching the increase in earnings and STH profit/loss ratio, which is typically associated with high levels of exit.
The futures market dynamics are also following a mixed course. While the open position rate increases by 15.6 %, the return of funding rates to negative indicates that short positions increase despite a large -scale increase in prices. This indicates the possibility of a developing Short Squeeze by adding another layer of complexity to the market appearance.
“Even though it is encouraging to rise above Bitcoin’s STH cost base,” Glassnode said, “The market is at an important decision point.”
In the analysis, the performance difference between Bitcoin and Ethereum expanded, and this was attributed to sharp differences in ETF inputs. Bitcoin ETFs have seen entries exceeding 10 %of the Spot volume of BTC in two waves in the last two weeks, while Ethereum ETFs noted less than 1 %of ETH’s spot volume.
“Inequality in ETF streams is an indication of the deviation in corporate appetite, G says Glassnode, and that this situation could explain its recent low performance compared to Ethereum’s Bitcoin.
While Bitcoin testing critical levels, analysts and investors will closely monitor whether bulls can maintain the acceleration over $ 92,900.
*It is not an investment advice.
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Source: https://www.bitcoinsistemi.com/bitcoinde-btc-mega-boga-onaylandi-mi-analiz-sirketi-buyuk-uyardi/
