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Home»ADOPTION NEWS»Bitcoin On-Chain and Derivatives Data Suggest Market Optimism: Analyst
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Bitcoin On-Chain and Derivatives Data Suggest Market Optimism: Analyst

By Crypto FlexsAugust 24, 20243 Mins Read
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Bitcoin On-Chain and Derivatives Data Suggest Market Optimism: Analyst
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Bitcoin price is currently holding above $60,000 amid bullish on-chain and derivatives market signals.

According to data from CryptoQuant and Deribit, traders are expecting further price gains as Bitcoin continues its recovery. Bitcoin is currently up more than 22% from its recent low of $49,500 on August 5.

According to CryptoQuant charts, Bitcoin exchange holdings on central exchanges fell to their lowest levels in years in August. Since the end of July, the supply of Bitcoin on exchanges has fallen from 2.75 million to around 2.67 million. This is a 3% decrease over the past 30 days.

Bitcoin Bitcoin

+3.89%
Centralized exchange reserves have been plummeting since late July. Image: CryptoQuant.

The data also shows that since the beginning of the year, the supply of Bitcoin on centralized exchanges has decreased by 11%. This has happened as the Bitcoin price has risen by almost 43% since early January. When there are fewer coins on exchanges, supply-side pressure is generally reduced and the price is more likely to rise.

Bitcoin exchange reserves are now at their lowest levels in years. Image: CryptoQuant.

Optimistic Options Market Indicator

SynFutures co-founder Rachel Lin outlined a derivatives market indicator that suggests traders are expecting a bullish Bitcoin price move. “On the derivatives side, market sentiment remains bullish. For Bitcoin, the highest open interest is $100,000 for December call options,” Lin told The Block.

The Deribit indicator for all upcoming expiries shows that the most concentrated options are the $100,000 and $105,000 call options. The data also shows that the top option contract by volume over the last 24 hours is the month-end call with a strike price of $75,000.

Lin also added: Ethereum Ethereum

+3.24%
The derivatives market is similarly bullish, with the largest open interest being in September call options with a strike price of $4,000, followed by December calls with a strike price of $6,000.

Lin also noted that there is a significant lack of put options in the open interest distribution. “In particular, the top 10 open interests for Bitcoin and Ethereum are all call options, with no significant put options,” she said.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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