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The $1.64 billion Bitcoin futures contract was liquidated, and market sentiment remains optimistic
[2021/2/24]
Today, Bitcoin suddenly dropped by $11,500, liquidating Bitcoin futures contracts worth more than $1.64 billion, accounting for 8.5% of the $19.5 billion open position. However, investors' optimistic expectations for Bitcoin have not wavered.



As shown in the figure above, negative price volatility and the reduction of open positions in Bitcoin futures will not affect the long-term growth of Bitcoin. During the period from January 19 to 23, the indicator fell by 20%, but it only took two weeks to return to the $13 billion level.

The futures premium remained stable, indicating a healthy market. By measuring the premium of the futures contract relative to the current spot level, it is possible to infer whether professional traders are bullish or bearish. Normally, the annualized rate of the market rises slightly. This situation is called "futures premium".



The 25% incremental deviation in the options market indicates that the market is still bullish.

The 25% incremental deviation, which is an indicator of fear and greed of option traders, is currently at -6%, which means that the cost of protecting the upside is higher. It further shows that market makers and top traders are still bullish.



Today's price movements may surprise new market participants, but the price of Bitcoin plunged by $11,200 between January 10 and 11. Considering that Bitcoin's six-day volatility rate is 5.1%, these violent fluctuations are not abnormal.

The violent gains in the crypto market in the past two weeks have been driven by news that Tesla¡¯s aggressive purchase of $1.5 billion in bitcoin and other institutions continue to buy bitcoin. Now the impact of these news is weakening, and the market is returning to the normal trend line through adjustment .

(This article is from Bitpush.News)

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