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Bitcoin Apparent Demand Turns Negative as Market Faces New Pressure
The cryptocurrency market has been witnessing a slew of mixed signals in recent times, and the latest update from CryptoQuant’s Crazzyblockk only adds to the uncertainty. According to his on-chain analysis, Bitcoin’s apparent demand has turned negative, suggesting that new buyers are failing to absorb the supply pressure created by miners and long-term holders.
This development is particularly concerning as it may indicate a weakening market sentiment and potential short-term vulnerability. The situation is eerily reminiscent of a supermarket with an abundance of goods but fewer buyers, which can lead to dire consequences.
Furthermore, data from CoinGlass reveals that Bitcoin derivatives activity has slowed down significantly over the past 24 hours. Futures trading volume plummeted by a staggering 58.14%, resulting in a transaction value of around $21.71 billion. This marked decrease in interest may be interpreted as market players taking a step back to reassess their positions or wait for clearer signals before making any significant moves.
Interestingly, the open interest rose slightly by 0.17% to $71.54 billion, indicating that traders are still holding onto their positions. However, this cautious approach has led many to conclude that expectations remain divided, with no clear consensus on what course of action to take next.
In related news, some large holders have been reported to be offloading substantial amounts of BTC. Strategy is said to have unloaded 4,000 BTC from its exchange account, a move which could signal a shift in their long-term approach to Bitcoin. It remains unclear whether these whales are preparing for potential buying opportunities or getting ready to amplify selling pressure.
The influx of whale activity on Binance also warrants attention as it may be seen as a sign that some large players are rapidly adjusting to the current situation, possibly with the intention of taking advantage of any future dips.
Given this combination of factors – negative demand, reduced derivatives participation, and significant selling from major holders – it appears that Bitcoin’s market is currently in a fragile state. In light of these developments, investors may want to exercise caution and consider waiting for clearer signals before making any significant moves.
Source: www.crypto-news-flash.com
