Tag: OPEN INTEREST

Jasmy Coin Price Analysis 2023: Breakout, Challenges, and Predictions for a Bull Run

by Blockchain News

Breaking Above the Downside Trending Line

Jasmy Coin, the cryptocurrency of Tokyo-based IoT provider Jasmy Corporation, has recently broken above its daily downside trending line, now serving as a support line, for the first time since May 5, 2023. This significant technical development has piqued the interest of market participants.

jasmy-coin-trending-line.JPG

Source: TradingView

Challenges Before a Bull Run

Before embarking on a potential bull run for the remainder of 2023, Jasmy Coin is anticipated to correct to test and confirm the breakout. The 99-day Moving Average, currently situated at $0.00429, stands as a formidable resistance line to overcome.

Jasmy Coin Price Prediction for 2023 and 2024

The double top, marked by price peaks of $0.008364 on February 8, 2023, and $0.007967 on May 5, 2023, will present the first major challenge. Should the price of Jasmy Coin approach these levels, it could yield a near 100% profit. However, it must be noted that the cryptocurrency market, including Jasmy Coin, is highly correlated with Bitcoin’s price. A downturn in Bitcoin could hinder Jasmy Coin’s upward momentum.

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Source: TradingView

Current market dynamics and technical indicators suggest cautious optimism for Jasmy Coin’s price trajectory in the coming months. The recent break above the downside trending line and the potential to tackle the 99-day Moving Average resistance may pave the way for further gains.

Open Interest in Binance Futures

Open Interest in Jasmy Coin on Binance Futures stands at approximately $10.35M, a +7.57% increase over the last 24 hours, as of the latest data. This figure has been on a steady incline since August 8, 2023. The long/short ratio of 2.33 indicates a predominance of long traders, a situation that may trigger a temporary pullback to liquidate overextended positions.

About Jasmy Coin

Jasmy Coin focuses on facilitating data exchange between service providers and users by integrating IoT with blockchain technology. Utilizing edge computing and IPFS for data storage, Jasmy emphasizes the democratization of data, ensuring secure protection, ownership, and enabling service providers to leverage user-owned data.

Conclusion

Jasmy Coin’s recent price movements and underlying market dynamics present a nuanced picture. While there are promising signs of growth, several obstacles must be navigated for a sustained bull run. Investors and traders should closely monitor Bitcoin’s price and other market indicators to understand Jasmy Coin’s future direction. The current landscape suggests a measured approach, with the potential for substantial gains if key resistance levels are breached and broader market conditions remain favorable.

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Ethereum’s Speculative Action Goes through the Roof as the Merge Edges Closer

by Blockchain News

Since the merge of Ethereum (ETH) has been awaited with bated breath by the crypto community, the network’s speculative action has skyrocketed.

Market insight provider Glassnode explained:

“Ethereum speculative action continues, with over $6.12B in outstanding Open Interest for Call Options. Put options account for a much smaller $1.5B, making for a Put/Call Ratio of 0.25.”

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Source: Glassnode

Call options entail buying, whereas put options signify selling. Therefore, based on open interest being depicted in the ETH network, buying pressure outways selling, thanks to the much-anticipated merge event slated for September 15. 

Despite the merge being elusive for a couple of years, it is anticipated to be the largest software upgrade in the Ethereum ecosystem because it will change the consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS).

Therefore, various experts and institutions believe this event will heighten Ethereum’s quest to be a deflationary asset. 

For instance, American multinational investment bank Citigroup or Citi recently pointed out that the merge would slash the overall Ether issuance by 4.2% annually, making it deflationary, Blockchain.News reported. 

Therefore, the merge seems to have made Ethereum be watched with a keen eye, given that transaction volume hit a monthly high. Glassnode stated:

“Ethereum Transaction Volume (7d MA) just reached a 1-month high of 80,910.738 ETH. Previous 1-month high of 80,814.148 ETH was observed on 02 September 2022.”

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Source: Glassnode

Furthermore, Ethereum address activity has been scaling heights, with the number of addresses holding more than 100 ETH, recording an 18-month high. 

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Source: Glassnode

ETH was up by 6.7% in the last 24 hours to hit $1,622 during intraday trading, according to CoinMarketCap.

With the Bellatrix upgrade having already set the ball rolling for the merge, it remains to be seen how the second-largest cryptocurrency plays out after this event. 

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Highlighting Risk: These Crypto Coins Carry The Most Leverage

by NEWSBTC

Crypto leverage has been high across some particular digital assets in the space. Global open Interest in the space still sits at a reasonable point currently, but some assets boast significantly higher open interest to market cap ratios than others. Thus, this report will be examining the leverage for these assets to see which ones carry elevated leverage.

Altcoins Lead In Leverage

Bitcoin and ethereum no doubt still command the largest share of the global crypto open interest but when it comes to the percentage of their market cap which their open interest commands, it falls short when compared to other digital assets in the space.

Related Reading | Cardano Foundation Completes Funding To Plant 1 Million Trees

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A good number of these altcoins have found popularity in recent months, spending less time in the spotlight than their beloved counterparts bitcoin and ethereum. However, these digital assets have shown a far higher open interest to market cap ratio than bitcoin and ethereum.

For perspective, the open interest to market cap ratio for crypto coins such as bitcoin and ethereum sit at 1.97% and 2.19% respectively. Each of these assets has an open interest at $15.5 billion and $8 billion. Other cryptocurrencies with newfound fame boast of a much higher ratio despite only boasting a small percentage of the global open interest in the crypto space.

Chart showing open interest compared to market cap of various crypto coins

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Altcoins lead open interest to market cap ratio | Source: Arcane Research

The highest of these is SUSHI, which leads the charge with a whopping 10.09% open interest to market cap ratio. The relatively new cryptocurrency leads the second-highest by almost 1.5%. YFI placed second at 8.59%, with CRV and EOS at third and fourth position with 8.30% and 5.95% respectively.

Metaverse Crypto Coins On The Come-Up

Metaverse Crypto coins had an incredible come-up in the last quarter of 2021. The boom caused by Facebook’s announcement that it was rebranding to Meta has continued on into the new year, placing the top metaverse tokens in the list for cryptocurrencies with the most elevated leverage.

Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

Of the 16 coins featured in an Arcane Research report showing elevated leverage in some of the most popular altcoins, four metaverse tokens made the list. SAND, MANA, AXS, and GALA all had an open interest to market cap ratio at 3.29% and higher.

AXS led the pack with a 4.44% ratio, showing the highest and MANA with the lowest. Both of these are indicative of traders using both MANA and AXS to hedge their metaverse exposure.

Layer 1 tokens were not left out of the action though as both FTM and Near recorded open interest to market cap ratios higher than that of the large cap coins. FTM’s ratio sat at 4.02%, while Near recorded a 3.15% OI to market cap ratio.

Crypto total market cap chart from TradingView.com

Crypto total market recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Crypto News, charts from Arcane Research and TradingView.com

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Bitcoin Funding Turns Negative amid 70% of BTC Circulating Supply Being Hodled

by Blockchain News

The weekend was characterized by a sharp decrease in the Bitcoin price after suffering a 20% drop prompting lows of $42K.

BTC funding flipped negative following long liquidations, according to on-chain analyst Dylan LeClair. 

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The change in funding rate was partly triggered by open interest to the tune of $5.1 billion was closing. Market insight provider Dilution-proof confirmed: 

“$5.1 billion (23.4%) open interest was closed, sending the funding rate from moderately positive to firmly negative. The percentage of Bitcoin backed margin actually increased, which is unusual during such long liquidations.”

The massive liquidations in the Bitcoin market made December 4 the second-largest daily shed off in 2021 after a 50% price drop was witnessed on May 19. 

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At the time, Chinese authorities had started an intensified crackdown on crypto mining, which caught miners unawares. As a result, the price nosedived to lows of $30,000 from highs of $60K.

The situation was dire to the extent that Bitcoin price dropped below the 200-day moving average (MA) for the first time since March 2020. This is a key technical indicator that determines the general market trend because it shows the average of approximately 40 weeks of trading. 

Nevertheless, the Bitcoin market has experienced sharp corrections in a bull run in the past. For instance, in the 2017 bull run, Bitcoin witnessed approximately six sharp corrections, with the highest hitting 38%. 

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Therefore, it seems that significant pullbacks are the norm in Bitcoin’s bull markets.

On the other hand, despite the notable correction witnessed over the weekend, the amount of BTC being hodled is high. 

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“70% of Bitcoin’s circulating supply is being hodled,” according to Glassnode co-founders Yann & Jan. 

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Institutional Bitcoin Open Interest Plummets, But Why?

by NEWSBTC

Institutional investors had FOMO’d into bitcoin with the release of the first Bitcoin ETF. This enthusiasm quickly died down the week following the approval as trade volumes plummeted. The record opening was quickly replaced by lackluster momentum that saw institutional investors pull out of the market, likely owing to the asset touching a new all-time high and traders taking gains.

institutional Bitcoin open interest had skyrocketed with the price, signaling the entrance of big money into the market. The run-up had lasted until the very end of October. Open Interest saw its peak on October 29th. But since then, institutional bitcoin open interest has been on the decline, thanks to dying interest in the bitcoin ETFs. Now the market looks towards Spot Bitcoin ETFs as open interest dies down.

institutional Bitcoin Open Interest Declines

institutional bitcoin open interest had grown a whopping 185% in October alone. The approval of the ProShares Bitcoin Futures ETF had been the major push behind it. Traders had massively betted on the success of the ETF and their bets had paid off as the ETF saw more than $1 billion in trading volume in the first two days alone. Open Interest had climbed in this period.

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Related Reading | Bitcoin Breaks Above $68,000, Where Does It Go From Here?

Open Interest has however declined in November. Although bitcoin has done well at the beginning of the month, institutional interest has not followed this trend. Instead, the CME has seen declining volumes for the month of November.

Chart showing bitcoin open interest decline

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Bitcoin Open Interest declines on CME | Source: Arcane Research

Open Interest on the CME had hit $5.9 billion but quickly declined down to $4.8 billion. Subtracting the contribution of the ProShares ETF to this volume, the number drops significantly to $3.4 billion.

Open Contracts Drop On CME

Open contracts on CME have also recorded a decline in recent times. The number of open contracts on the CME has dropped significantly from its peak on October 25th. However, this decline has not been replicated across other markets.

Bitcoin price chart from TradingView.com

BTC rallies to new ATH | Source: BTCUSD on TradingView.com

BITO has seen a surge in open contracts. While open contracts on the CME have declined by 32% since October, the number of open contracts in BITO has hit a record high. Presently, there are 4,139 open contracts, representing a new all-time high.

Subtracting the BITO open contracts from the CME open contracts sees a 45% decline in open contracts since October. This suggests that institutional investors are reducing their activities in the market and are not as involved with open contracts.

Binance Open Interest On The Rise

Bitcoin Open Interest in Binance has been growing lately, a direct opposite of what has been witnessed with open interest on CME. Open Interest on the crypto exchange hit a new all-time high in November. Open Interest had peaked on Binance in April at $5.2 billion. Now, open interest has grown on the platform from to new high of $6.7 billion.

Related Reading | What Is The Final Push For Bitcoin? MicroStrategy CEO Michael Saylor’s Big Reveal

The clamor for more exposure to BTC on the part of institutional investors has now died down. It is apparent now that trades made in the Bitcoin Futures ETF were mostly short-term and now those traders have pulled out of the market after taking profits.

Featured image from CNBC, chart from TradingView.com

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Bitcoin Addresses Holding Over 10,000 Coins Hit a Monthly High

by Blockchain News

Bitcoin (BTC) has been in the driver’s seat because it broke its previous record of $64.8K after 189 days of waiting. The benchmark cryptocurrency was able to soar to new heights of $66,900 on October 20. 

The holding culture has played an instrumental role in realizing these milestones because it is a favoured strategy in the Bitcoin market. Reportedly, the number of Bitcoin addresses holding at least 10,000 coins reached a monthly high of 86.

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Furthermore, BTC circulation and active addresses have been holding steadily.

Open interest surged by $3.95 billion

According to market insight provider Glassnode:

“Bitcoin open interest in CME futures contracts has increased by $3.95B over the course of October. This is in part driven by the introduction of the BITO ETF product. This represents a 265% growth in open interest since the end of September.”

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Open interest usually increases with price, illustrating their strong correlation. 

The futures market has been exploding because Bitcoin, worth $840 million, was purchased on October 24. 

Is Bitcoin eyeing the $90K level?

According to market analyst Michael van de Poppe:

“So far, so good. Bitcoin on the way to $90K.”

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Consultancy and educational platform Eight recently stated that Bitcoin was testing its previous record high of $64.8K. If a bounce happens, the following areas to watch are around $75K, $87K, and $96K based on the Fibonacci retracement tool. 

So it remains to be seen how Bitcoin shapes up moving forward.

Bitcoin is finding its way into cold storage

Bitcoin is continuously being transferred to cold storage. Jan Wuestenfeld, an analyst at Cryptoquant, said:

“Binance appears to be moving a lot of Bitcoin around currently into new cold storage wallets.”

Meanwhile, Anthony Scaramucci, the founder of SkyBridge Capital and former White House communications director, recently revealed that his once $270 million Bitcoin purchase is now worth over $1 billion. 

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Bitcoin Net Inflows Records $315 Million in Total in October

by Blockchain News

October will be written in Bitcoin’s history books as the month that saw the top cryptocurrency break the record by soaring to the $66,900 level. This price surge was boosted by net inflows worth $315 million witnessed in October.

Market insight provider CryptoCompare explained:

“After 3 months of net outflows, average weekly inflows into BTC products turned positive in September ($31.2 million) This [trend] continued in October, with net inflows totaling $315m so far this month!”

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October has also seen Bitcoin’s realized price go through the roof by reaching a record high of $22,644. 

Realized price is a metric calculated by valuing each supply unit at the exact price it last moved on-chain or at the last time it was transacted. As a result, it does not calculate coins that remain unmoved because cryptocurrencies can be lost, unreachable, or unclaimed.

Bitcoin’s open interest exploded in October

According to crypto insight provider Arcane Research:

“Open interest denominated in Bitcoin has exploded in October and is approaching this year’s April top.”

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Open interest usually increases with price, illustrating their strong correlation. 

Meanwhile, crypto adoption recently got a boost as the world’s largest retailer Walmart Inc revealed that customers at some of its U.S. stores would be able to buy Bitcoin using ATMs installed by Coinstar. 

The program is part of a broader initiative by Coinstar, which has partnered with a cryptocurrency exchange and payment firm called CoinMe that specializes in Bitcoin ATMs, to allow customers to purchase Bitcoin at some of its kiosks.

On the other hand, the Houston Firefighter’s Pension Fund stepped into the crypto space by investing $25 million in Ethereum and Bitcoin. The fund’s CEO Ajit Singh noted that they had been studying cryptocurrencies to add them to their investment portfolio for quite some time because this asset class could not be ignored anymore.

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Bitcoin’s Percent Balance on Exchanges Hits a 3-Year Low Amid Open Interest Breaking the Record at $19B

by Blockchain News

Bitcoin (BTC) has been on a roller coaster ride because it recently set a new all-time high (ATH) price of $66,952 after breaching the previous record of $64,800 achieved in mid-April. 

Meanwhile, the Percent Balance of Bitcoin on exchanges has been down-trending after hitting a three-year low of 13%.

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This is bullish because it signifies a holding culture, given that Bitcoin is transferred from crypto exchanges and kept in cold storage and digital wallets. 

BTC’s surge has been fueled by the Securities and Exchange Commission (SEC) approving the Bitcoin Exchange Traded Fund (ETF).

ProShares, an American ETF provider, announced on October 18 that its Bitcoin Futures backed ETF would be traded on the New York Stock Exchange (NYSE). 

Days later, the SEC approved VanEck’s quest to launch a similar product. VanEck is a global asset management firm.

Bitcoin ETF is a type of security that tracks the overall price of Bitcoin. It enables investors to trade and purchase shares of it on traditional exchanges, circumventing crypto trading platforms.

By holding an ETF, investors can access many stocks in the same category, such as the banking industry, the tech industry, or the oil industry. ETFs offer diversity to investors’ portfolios and provide a mixture of investments such as stocks, commodities, and bonds. 

Bitcoin’s open interest in perpetual swaps hits ATH

According to data analytic firm IntoTheBlock:

“Bitcoin’s Open Interest in Perpetual Swaps reached $19 billion for the first time.”

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Therefore, open interest increases with price, and this shows their strong correlation.

Meanwhile, long-term BTC holders are almost entering their preferred profit-taking area. On-chain analyst under the pseudonym TXMC explained:

“After one day in price discovery, Long-Term Holders are quickly nearing their preferred profit-taking zone. We anticipated this- a natural step in all bull runs. The coming weeks will tell the story of this market’s chances to reach its full potential. Confidence is high.”

Long-term holders have emerged to be significant players in the Bitcoin ecosystem. 

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Bitcoin Entities in Profit Skyrocket to 94.3% as Open Interest Soars

by Blockchain News

As Bitcoin (BTC) briefly touched the $55K level, a fate is last seen in May, profitability in this market scaled to new heights.

On-chain insight provider Glassnode said:

“Bitcoin entities in profit have risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May.”

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After setting an all-time high (ATH) price of $64.8K in mid-April, Bitcoin suffered from a sharp correction on May 19 as the price fell to around $30,000, resulting in the biggest single-day drop of the price up to 30%. Furthermore, this price drop indicated the first time that BTC had dropped below the 200-day moving average (MA). 

The 200-day MA is a key technical indicator used to determine the general market trend. It is a line that shows the average closing price for the last 200 days or roughly 40 weeks of trading. 

Nevertheless, Bitcoin has regained momentum because it was able to breach the psychological price of $50,000 recently. The top cryptocurrency was up by 21.79% in the last seven days to hit $54,479 during intraday trading, according to CoinMarketCap.

Bitcoin open interest surges

According to data analytic firm IntoTheBlock:

“Futures markets are heating up once again. Positive funding rates in Bitcoin perpetual swaps across several exchanges, and going as high as 0.11% in FTX. As well, the open interest is above $14 billion.”

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Glassnode also noted that Bitcoin open interest in perpetual futures contracts had reached a monthly high on crypto exchange Okex. 

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Open interest usually increases with a price surge, thus showing the two are strongly correlated. 

Meanwhile, more participants continue joining the BTC bandwagon because the number of new addresses in this network recently reached a 4-month high of 17,818.619. 

On the other hand, Bitcoin’s dominance in the crypto space has been on an upward trajectory, which enabled the market capitalization to top the $1 trillion mark, a milestone first seen in February. 

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Bitcoin’s Perpetual Swap Open Interest Slips below $11B for the First Time Since August

by Blockchain News

Bitcoin (BTC) was up by 4.63% in the last 24 hours to hit $43,893 during intraday trading, after briefly dropping below $40K on September 22, a fate not seen since August 5.

The drop in the crypto market price made BTC’s perpetual swaps open interest to fall below $11 billion for the first time since August 5, as acknowledged by data analytic firm IntoTheBlock. 

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Open interest usually increases with a price surge, thus showing the two are strongly correlated. For instance, Bitcoin’s perpetual swaps open interest recently topped the $16 billion mark, and at the time, the price was hovering around the $50K mark. 

Meanwhile, the Bitcoin average 30-day returns recently plummeted by at least 6%, hitting an 8-week low. 

Reportedly, this price drop was triggered by the financial crisis experienced by China Evergrande, a leading Asian property developer. Therefore, the major liquidity challenge witnessed affected the crypto market.

BTC supply has been steadily moving to old hands

According to on-chain analyst Rafael Schultze-Kraft:

“Bitcoin supply has been steadily maturing to old hands. From the peak at $65K, almost 2 million BTC have transitioned from short-term to long-term holders.”

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Therefore, it shows that as short-term BTC holders have been selling, their long-term counterparts have been buying.

Dilution-proof echoed these sentiments. The crypto analytic firm explained:

“During the market downturn over the last few months, the amount of older coins moving on-chain is gradually decreasing, suggesting that the larger & more experienced Bitcoin holders are becoming less inclined to sell and are mostly waiting on what comes next.”

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Furthermore, Bitcoin whales have been on a buying spree, given that they recently added 31,848 BTC to their holdings. 

On the other hand, the Bitcoin funding rate recently turned negative as the leading cryptocurrency recently recorded a 10% daily loss as over-leverage factors dominated. Precisely, BTC experienced a significant pullback that prompted a $10K loss, given that Bitcoin longs were over-leveraged.

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Bitcoin (BTC) $ 26,596.13 0.06%
Ethereum (ETH) $ 1,594.36 0.06%
Litecoin (LTC) $ 64.87 0.21%
Bitcoin Cash (BCH) $ 209.12 0.03%