CryptoQuant analyst: Bullish momentum in the Bitcoin derivatives market has fallen sharply, but the market has not yet fully turned bearish

robot
Abstract generation in progress
Golden Finance reports that CryptoQuant analyst Axel Adler said that bullish momentum in the Bitcoin derivatives market has weakened noticeably recently, but it has not yet shifted to an all-out bearish view. Data shows that the derivatives market momentum indicator (Bitcoin Derivative Market Power) has fallen sharply from 41% to 13%, meaning the momentum for derivatives to push prices higher has declined significantly, but because the indicator is still above zero, the market has not yet entered a clear bearish state. In June, there was also a similar drop in derivatives market power, accompanied by a pullback in BTC prices. The difference now is that the Bitcoin price is still holding around $63.9k, indicating that the market’s ability to absorb supply is relatively stronger.
Axel Adler believes the market should focus on changes in derivatives funding flows. If this indicator further drops into negative territory, it may mean that bearish power has regained dominance; if prices can stay stable despite the decline in bullish momentum, it may reflect that spot demand is still supporting the market.
BTC0.81%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned