OPINION: Decline in Bitcoin Volatility and Open Contract Positions Suggests Traders Are Taking a Wait-and-See Approach
Bitcoin traders are adopting a wait-and-see attitude due to weakening demand, lack of blockchain activity and slowing liquidity inflows. Their attitude is reflected not only in declining volatility, but also in a sharp drop in positions. ‘The market is in a cooling phase right now,’ said David Gogel, vice president of strategy and operations at the dYdX Foundation. ‘Bitcoin has been holding firm, but after failing to break above $105,000 in January, we're seeing a slowdown in inflows and speculative assets like Meme Coin taking a hit.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Japan's Metaplanet Plans to Issue 555 Billion Yen in Perpetual Preferred Shares to Strengthen Capital Strategy
Data: After the release of US June inflation data, the probability of a Fed rate cut in September drops to 41.3%
Trending news
MoreThe smart money that successfully switched from ETH long to short on the 30th has now flipped its Bitcoin short position to long and opened new ETH long positions
Data: "Maji Big Brother" Faces Unrealized Losses of Nearly $12 Million on Long Positions, PUMP Position Sees Unrealized Losses of Approximately $6.82 Million
Crypto prices
More
