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Bitcoin whales that rotate billions of dollars in ether highlight the weakening of the sentence in the support of $ 108,000 of Bitcoin among the main players.
Bitcoin derivatives show increasing liquidation risks with $ 390 million in lengths of danger below $ 107,000.
Bitcoin (BTC) has negotiated within a narrow range of 2.3% since the strong decrease of $ 112,500 on Friday. The absence of impulse can be attributed in part that regulated markets are closing for the US Day Holidays, but Bitcoin derivative markets indicate a growing lack of confidence in the level of support of $ 108,000.
The annualized monthly premium of Bitcoin is currently 7%, which is firmly within the neutral range of 5% to 10% and plane compared to the previous week. The indicator showed signs of optimism on August 24, after the demonstration at $ 117,000 after the speech of the president of the United States Federal Reserve, Jerome Powell, expressed hope for a less restrictive monetary policy.
Bitcoin Price Decouples del Oro in the midst of whale sales pressure
The price of gold has gained 2.1% since Friday, worsening the feeling of Bitcoin merchants such as cryptocurrency recorded a 12.5% decrease from the historical maximum of August 14. Investors question whether the recent recession reflects a broader risk aversion or exclusive Bitcoin factors, particularly after some for a long time holders decided to liquidate part of their positions.
A bitcoin whale that had previously maintained for more than five years began to turn funds in Ethher (ETH) on August 21, selling Bitcoin worth $ 4 billion through the Hyperliquid of decentralized exchange. The movement highlights a “rotation” as Altcoins seem to benefit from the expansion of corporate accumulation, according to Nicolai Sondergaard, research analyst at the Nansen cryptography intelligence platform.
Bitcoin Put (Sell) options are quoted to a 7% premium compared to call instruments (buy), according to the Deribit bias metric. This type of imbalance is common in the bearish markets, and the indicator has remained above the neutral threshold of 6% during the past week. Whales and market manufacturers show little confidence that the support level of $ 108,000 will have.
The net exits of $ 127 million of the funds quoted in Bitcoin Bitcoin Exchange of the United States on Friday provide another sign of discomfort among the holders. Whether the mass sale occurs from a broader macroeconomic uncertainty or a specific Bitcoin weakness, merchants are increasingly concerned, as reflected in BTC derivatives. Meanwhile, yields on the 20 -year -old government bonds of the United Kingdom increased to its highest levels since 1998.
Related: Is the growing cash battery of Warren Buffett a bad signal for actions and Bitcoin?
Investors demand greater yields to maintain government bonds, indicating expectations of the strongest inflation or depreciation of national currencies. In any case, the increase in long -term yields increases financing costs for future debt reinvestments and a new issuance. Even speculation about such risks could further force national finances and potentially spill in the eurozone due to ongoing tax concerns.
$ 390 million in bullish leverage positions face the liquidation if the price of Bitcoin falls below $ 107,000, according to Coinglass estimates. Even so, the short -term perspective for Bitcoin probably depends on the US labor market data with Friday. A possible increase in unemployment could act as a positive catalyst for risk assets, since it would increase the pressure on the Federal Reserve to accelerate interest rate cuts.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The points of view, the thoughts and opinions expressed here are alone of the author and do not necessarily reflect or represent the opinions and opinions of Cointelegraph.
