Open positions in Bitcoin Futures surged to over $ 10.3 billion, a figure last seen just before $ 42,000 ATH. Interestingly, we can see that institutional Bitcoin demand is not completely declining, as the Bitcoin price is currently just above $ 35,500. This is seen as a positive sign for the price rally of the coin.

 

 

Active supply barrier for new ATH for Bitcoin

Unfortunately, while retail traders are waiting for the price to return to the ATH level, the biggest obstacle to this is increased active supply. The investment in Grayscale is lower than expected and far below the numbers required for Bitcoin to reach $ 40,000 again.

In the same period, there was a decrease of over 22% in fund inflows despite a decrease of over 20% in the Bitcoin price. It is possible to say that the cryptocurrency has lost a lot of momentum in the last two weeks.

However, what happened in 2020 is critical to the current trend in price rally. The thing to note here is that the price rally in 2021 raised BTC’s value 250% higher than last year’s high.

In addition to the price rally and gain of 250%, the number of whales doing 1000 or more Bitcoin HODLing has increased 8% this year. However, this is not the only measure to predict Bitcoin’s rally for a new ATH.

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There are also short-term risks, and it seems likely that each will raise their heads if BTC’s price and market momentum continue to decline. If Bitcoin really drops back to the $ 20,000 level, long-term HODLers and traders may be more likely to surrender to the selling pressure.

Also, according to the latest Bybt liquidation chart, there were more long liquidations compared to short trades, indicating increased selling pressure on spot exchanges.

Futures have a big impact on the selling pressure in the market. When discussing Bitcoin Futures, it is very important to consider that CME’s trading volume has increased significantly and that the same signal has more institutional interest in Bitcoin Futures.

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