Вкупната пазарна капа на крипто се искачува над 1T $ - податоците сугерираат дека се очекува повеќе нагорна линија

Despite the recent negative crypto and macroeconomic newsflow, the total cryptocurrency market capitalization broke above $1 trillion on Jan. 21. An encouraging sign is that derivatives metrics are not showing increased demand from bearish traders at the moment. 

Биткоин (БТК) price gained 8% this week, stabilizing near the $23,100 level at 18:00 UTC on Jan. 27 as the markets weighed the potential impact of Genesis Global Capital’s bankruptcy на јануари 19

One area of concern is Genesis Capital’s largest debtor, the Digital Currency Group, its parent company. Consequently, Grayscale funds management could be at risk, with investors unsure if Grayscale Bitcoin Trust assets could face liquidation. The investment vehicle currently holds over $14 billion worth of Bitcoin positions for its holders.

A United States appeals court is set to hear the arguments relating to Grayscale Investment’s lawsuit against the Securities and Exchange Commission (SEC) on March 8. The fund manager questioned the SEC’s decision to deny their asset-backed exchange-traded fund launch.

Regulatory concerns also negatively impacted the markets after South Korean prosecutors requested an arrest warrant for Bithumb exchange owner Kang Jong-Hyun. On Jan. 25, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office sentenced Kang and two Bithumb executives on charges of conducting fraudulent illegal transactions.

The 7% weekly increase in total market capitalization was held back by Ether’s (ЕТХ) 0.3% negative price move. Still, the bullish sentiment significantly impacted altcoins, with 11 of the top 80 coins gaining 18% or more in the period.

Аптос (АПТ) gained 91% after the smart contract network total value locked reached a record-high $58 million, fueled by the PancakeSwap decentralized exchange.

Фантом (ФТМ) rallied 50% after the announcement of its new database system, Carmen and a нови Fantom Virtual Machine, Tosca.

Optimism (OP) saw 21% gains after a sharp increase in transaction volumes during a nonfungible token incentive program called Optimism Quest.

Leverage demand slightly favors bulls

Вечните договори, познати и како инверзни замени, имаат вградена стапка што обично се наплатува на секои осум часа. Размените ја користат оваа провизија за да избегнат нерамнотежа на девизниот ризик.

Позитивната стапка на финансирање покажува дека долговите (купувачите) бараат повеќе потпора. Меѓутоа, спротивната ситуација се случува кога шорцевите (продавачите) бараат дополнителна потпора, што предизвикува стапката на финансирање да стане негативна.

The 7-day funding rate was positive for Bitcoin and Ethereum, meaning the data points to slightly higher demand for leverage longs (buyers) versus shorts (sellers). Still, a 0.25% weekly funding cost is not enough to discourage leverage buyers.

Interestingly, Aptos was the only exception as the altcoin presented a negative 0.6% weekly funding cost, with short sellers paying to keep their positions open. This movement can be explained by the 91% rally in seven days and it suggests that sellers expect some sort of technical correction.

The options put/call ratio shows no signs of fear

Трговците можат да го проценат целокупното расположение на пазарот со мерење дали повеќе активности се одвиваат преку опциите за повик (купување) или опциите за ставање (продавање). Општо земено, опциите за повик се користат за нахакан стратегии, додека опциите за купување се за надолни стратегии.

Соодносот од 0.70 става и повик покажува дека отворената камата на опциите за ставање заостануваат од понапредните повици за 30% и затоа е нахакан. Спротивно на тоа, показателот од 1.40 ги фаворизира опциите за продажба за 40%, што може да се смета за надолни.

Even though Bitcoin’s price failed to break the $23,300 resistance, the demand for bullish call options has exceeded the neutral-to-bear puts since Jan. 6.

Presently, the put-to-call volume ratio stands near 0.50 as the options market is more strongly populated by neutral-to-bullish strategies, favoring call (buy) options by 50%.

Поврзани со: Биткоинот ќе достигне 200 долари пред следниот циклус на „мечкин пазар“ од 70 долари - прогноза

Derivatives markets point to further upside potential

After the third consecutive week of gains, which totals 40% year-to-date when excluding stablecoins, there are no signs of demand from short sellers. More importantly, leverage indicators show bulls are not using excessive leverage.

Derivatives markets point to further upside potential. Even if the market revisits the $950 billion market capitalization from Jan. 18, there is no reason for panic. Currently, Bitcoin option markets show whales and market makers favoring the neutral-to-bullish strategies.

Ultimately, the odds favor those betting that the $1 trillion total market cap will hold, opening room for further gains.