The futures market is dominated by short-selling and short-covering trades, with traders reducing their Bitcoin holdings since early June, CryptoQuant listed its reasons. The decline in the first cryptocurrency has reduced traders’ margins by 18%, to the lowest level since late November 2022, following the bankruptcy of the crypto exchange. FTX.
“The recovery in demand from Bitcoin traders is weak, which affects the asset’s growth prospects in the short term,” the analysts noted.
Market Value Ratio BTC
to the realized value (MVR) fell below the 365-moving average, which may indicate a further correction in the asset’s rate, company representatives clarified.
Earlier, CryptoQuant CEO Ki Young Ju said that Bitcoin is currently in an accumulation phase as large whale investors are actively transferring the cryptocurrency to their wallets.
Source: Bits
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