Institutional investors practically did not reduce their positions in the first cryptocurrency against the background of turbulence, which contributed to a rebound in quotations. This is the conclusion reached at JPMorgan, writes The Block.
According to analysts' observations, the cumulative open interest in CME futures, as well as the positive slope of the instrument curve, indicates the bullish mood of this category of market participants. This is also indicated by the presence of a premium relative to the spot price.
According to experts, the institutionalists have several reasons to remain optimistic.
Morgan Stanley has allowed consultants to recommend BTC-ETFs to some clients.Major liquidations as a result of the bankruptcies of Mt.Gox and Genesis are already over, and the upcoming payments in fiat to FTX creditors at the end of this year may increase demand.The main US political parties are signaling support for favorable cryptocurrency regulation.https://forklog.com/news/artur-hejes-harris-ili-tramp-dlya-bitkoina-nevazhnoDespite the presence of such drivers, experts believe that to a large extent they are already reflected in the quotes.
According to analysts, the recent local minimum of $49,000 corresponds to the bank's estimate of the cost of mining the coin at ~ $45,000.
"If the bitcoin exchange rate had remained at this level or dropped lower for a longer period of time, it would have put pressure on miners. In turn, this could boost sales of the first cryptocurrency," they explained.Experts attributed the deterioration of the digital asset market to the "infection" of TradFi.
https://forklog.com/news/eksperty-bitkoin-ne-vinovat-v-obvaleAccording to them, retail investors became the instigators of the negative dynamics — BTC-ETFs experienced one of the largest net outflows of funds since their launch. In addition, impulse traders played a role.
JPMorgan remains cautious about the prospects for cryptocurrencies, despite the recent correction, given the vulnerability of stock markets.
According to Alex Thorne of Galaxy Digital, 600,000 BTC changed hands in the range of $66,200 to $66,900, which is the largest on-chain cluster (~3% of the circulating supply) after the range of $0-736.
BITCOIN IN ACCUMULATION MODE
600k BTC has changed hands between $66.2k & $66.9k, the largest price band of onchain movement since $0-736. that's 3% of #bitcoin's circulating supply pic.twitter.com/GCsqTsy8Di
The $0-736 corridor mentioned by the specialist is coins of the Satoshi era, which are intentionally excluded from the sample. For the most part, they didn't move.
The top 3 also includes bitcoins of the "FTX crash" — the accumulation range of $16,100 -16,800.
According to CryptoQuant calculations, the balance of wallets of long-term investors of digital gold has been replenished by 404,448 BTC ($23 billion) over the past 30 days.
Recall that QCP Capital recorded significant purchases of December call options.