Bitcoin futures have reached record levels amidst increased interest from both institutional and retail traders, despite the prevailing bearish sentiment.
Bitcoin Futures Set New Records
Bitcoin futures reached an all-time high as Bitcoin's price traded below $85,000. The surge in interest from both segments of traders confirmed its relevance, although an overarching bearish sentiment still lingers in the market. Potential short-term positions taken by whales may indicate an impending market correction, though a positive momentum is still expected ahead.
Mixed Sentiment in Altcoin Market
The altcoin market presents mixed sentiment as whales close long positions while maintaining short bets on major contracts. The majority of alternative coins appear less attractive, with only a few, such as XVG and ALICE, showing preference for long positions. Negative funding rates indicate that short positions are gaining traction.
Bitcoin Reserves on Exchanges Hit New Low
The amount of Bitcoin held on exchanges has fallen to its lowest level since early 2021 as users are keeping their assets out of active exchange inventories. This trend aligns with the growth of open interest in futures markets, where traders expect rising prices. The overall trend of declining circulating supply has slowed spot market selling with long-term holders resuming their buying activities.
Bitcoin futures continue to generate significant interest amidst uncertainty in the altcoin sector, indicating potential shifts in market sentiment in the near future.
