Over the past three weeks, the rate of the first cryptocurrency fell by 15% from $70,000, but after a noticeable rebound on June 25 from $60,000, signs of a possible local bottom appeared. This conclusion was reached in CryptoQuant.
From the point of view of on-chain analysis, the quotes crossed the level of the realized price of short-term holders at around $62,000.
Currently, the average profitability of this category of market participants has gone into a slight minus, which historically serves as support for local corrections during upward trends, experts explained.
In their opinion, in recent months, macroeconomic statistics from the United States have been a significant factor influencing price dynamics due to their influence on policy. Fed and, as a result, investors’ risk appetite.
Analysts noted that data on GDP and applications for unemployment benefits will be released on June 27, and a report on inflation the next day.
Derivatives Market Signals
During this period, open interest (OI) in Bitcoin futures decreased by ~$3 billion, mainly due to the liquidation of longs.
Perpetual contract financing rates have fallen to near zero, indicating greater balance between buyers and sellers, creating a healthier and less optimistic price structure, experts said.
On June 28, options on Bitcoin ($6.68 billion) and Ethereum ($3.5 billion) will expire in the amount of 40% of the total open interest for all open contracts ($23 billion).
In conversation with CoinDesk Deribit chief executive Luuk Stryers said that more than 25% of OP expires in the money. In other words, their holders will profit.
Source: Cryptocurrency

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