Daily News | 50% Turks Hold Cryptocurrencies, The Proportion of Open Positions in BTC Increased, Crypto Market May Experience Significant Fluctuations

Crypto Daily Digest: The proportion of BTC’s open positions has increased, the crypto market may experience significant fluctuations; The number of addresses holding more than 10 BTCs has reached a new high

Glassnode data shows that since July, the proportion of open positions in Bitcoin futures in currency futures has increased from about 20% to 33%. Cash or stablecoin margin futures still account for 65% of open positions in Bitcoin futures.

In response, research firm Blockware Intelligence stated that the resurgence of interest in BTC currency futures means there may be a series of liquidations that can cause market volatility.

Blockware Intelligence analyst said, “Using BTC as collateral for BTC derivatives is actually a double whammy. If you use BTC as collateral to long BTC, then a price drop will help you reach the clearing point faster because the value of your collateral is also decreasing. Even if the long-term direction is correct, short-term fluctuations can be extremely risky.

The surge in this indicator over the past few months is intriguing, which may indicate that traders are running out of cash and using Bitcoin leverage as a last resort to increase risk exposure.

According to a survey of a crypto trading platform, the adoption rate of cryptocurrency in Türkiye has increased from 40% to 52% in the past year and a half. More and more crypto investors in Türkiye show that people are increasingly interested in using cryptocurrency to hedge against inflation, especially when the Türkiye lira depreciates.

Bitcoin is the most popular cryptocurrency among investors in Türkiye, followed by Ethereum and stablecoins.

Data shows that the number of addresses holding at least 10 Bitcoins and above has reached 157,324, reaching a new high in nearly three years. According to data from IntoTheBlock, Bitcoin whale addresses with coin holdings greater than 0.1% of the total supply have accumulated an additional $1.5 billion worth of Bitcoin over the past two weeks.

According to Linea, the Ethereum Layer2 network, on social media platforms, important news will be released today. It is worth noting that the content of this tweet contains the tags #important messages and #unrelated to airdrops.

Today’s Main Token Trends

BTC

The daily chart shows a bearish arrangement and a continuous decline, with the potential for a mid-term formation of an M-head trend. In the short term, it is advisable to break below the previous low of $25,165 and consider a long position down to $24,222. Alternatively, there may be a final rebound, but caution is advised as excessive resistance could lead to a dual-sided market that concludes this year’s trend.

ARB

The daily chart showed a false breakout yesterday, quickly returning to the lower side at $0.9099, indicating a bearish trend structure. It is advisable to establish short positions at higher levels using a risk-reward ratio strategy. The downside targets are $0.8676, $0.8414, $0.8203, and $0.7992.

WLD

The short-term continues to break below the previous low, and the previous support level of $1.090 has been breached again. It is expected to continue down to $1.010 and the lower target of $0.907. A high-position bearish strategy can be employed, with a continued focus on the $0.907 support level.

Macro: Focus on the statements made by multiple Fed officials this week, which may reshape market expectations

US Treasuries and stock markets are closed for one day on Monday. Spot gold continued to rise in the Asian session, rising to $1,946.32 during the day and falling by $10 to $1,936.4, closing 0.07% lower at $1,938.45 per ounce. Spot silver missed the $24 mark and closed down 0.82% at $23.98 per ounce. The major European stock indices fell almost entirely, with the DAX30 index in Germany closing 0.12% lower, the FTSE 100 index in the UK closing 0.17% lower, and the Stoxx 50 index in Europe closing 0.08% lower.

This week, a group of Federal Reserve officials will deliver a speech, and next week, they will enter a period of silence. This will be the final speech of Federal Reserve officials before their September 21 meeting, and it is expected to reshape market expectations as much as possible.

Presently, in terms of timing, the first to appear is Boston Fed Chairman Susan M. Collins, and the last to appear is Dallas Fed Chairman Lorie K. Logan. Both have recently expressed hawkish views of “raising interest rates again.” It is noteworthy that the well-known hawkish figure, former St. Louis Fed Chairman James Bullard, has appeared on the financial agenda, and traders have almost all focused on him.

Since the interest rate hike, the market has been hyping the risk of a US economic recession, but from a macro perspective, there are no signs of a recession in the US economy. Yesterday, a Wall Street article provided a detailed analysis:

Firstly, the continuous increase in the labor force and the slowdown in price increases have increased the “real” income of Americans adjusted for inflation this year, stimulating more recruitment and spending.

Secondly, the unusual nature of the COVID-19 pandemic has distorted the consumption pattern, resulting in a shortage of goods, housing, and workers. This has created a large amount of pent-up demand, which is currently less sensitive to interest rate hikes.

Thirdly, the US government initially injected a large amount of cash into the domestic economy and maintained interest rates at the lowest level, allowing businesses and consumers to lock in lower borrowing costs. Subsequent legislation, including the Inflation Reduction Act and the Chips and Science Act, further increased federal spending and stimulated more private-sector investment in manufacturing.