Assessing Bitcoin's position by these key metrics
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Assessing Bitcoin’s position by these key metrics

Bitcoin seems to be in some trouble as people are getting more and more careful these days. There was a big sale last week and a huge amount of money left the market. Not only money has gone from the present, but also money from futures. So where does Bitcoin stand? Find out here.

Bitcoin Futures in rubles

The derivatives market was hit unexpectedly this week. While volatility in the futures market is not uncommon, these occurrences do matter a lot for short-term prices right now. Since the May ATH, trading volumes have been steadily declining. Towards the end of last week, open interest in futures fell to between $ 13 billion and $ 10.7 billion.

This represents a 57% drop compared to the April ATH for futures contracts.

Open Interest in Bitcoin Futures Down 57% | Source: Glassnode

In addition, futures volumes are also falling, returning to the lowest levels the indicator has fallen to this year. With daily volumes of $ 45 billion, that figure seemed to be closer to the February level of $ 38,000. This put print volumes 62.5% and 49% lower than the first (May) and second (June) surrender.

Bitcoin futures volume declines | Source: Glassnode

Finally, open interest in options in the derivatives market declined 67% from a high of $ 13.2 billion to $ 4.4 billion. Such a decline could be a sign of impending volatility driven by spot rather than leveraged liquidity.

Open Interest in Bitcoin Options Down 67% | Source: Glassnode

Are HODLers Selling?

The graphs give an idea of ​​the coins of different ages and their recent behavior. Simply put, ASOL displays old coins gradually becoming dominant. Holders 2-3 years currently own 9.8% of this supply. In addition, the 3 to 5 year range represents 13.1% of the supply. Holdings of 1–2 year old holders fell to 13.3%, while younger coins with ages of 6 to 12 million (buyers of this bull market) hold 9% of the coin supply.

Finally, the youngest coins, which are between 1 and 6 months old, have grown from 22% to 32% by the May ATH. However, as their maturity approaches, the number of these coins also diminishes.

Bitcoin HODL Waves – coins from 2 to 5 years | Source: Glassnode

Bitcoin HODL Waves – 6 to 2 Years Coins | Source: Glassnode

Bitcoin HODL Waves – 1 W – 6 million coins | Source: Glassnode

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