Celestion

The percentages on deposits as of June 6

Jun-6-2024

The percentages on deposits as of June 6

What happened in the cryptocurrency market during the week of 6 June

Jun-6-2024

The open interest metric for bitcoin rose by $2 billion in 3 days. Traders are warned about a possible sharp change of trend.

Open interest - OI - for bitcoin has grown by $2 billion over 3 days. As of 6 June, the OI is $37 billion, according to CoinGlass. And that has observers worried.

"Open interest is the total number of contracts (futures and options, for example) that are outstanding. Their large volume has the potential to increase volatility, as traders hold multiple positions and can suddenly change their strategy.

At the time of writing, bitcoin is in a positive trend and its exchange rate has reached $71,000. But BitLab Academy believes that the high OI and premium for traders could lead to a sudden change in trends.

Anonymous trader Jelle admits that almost $2 billion worth of long positions will be ‘wiped out’ and the BTC exchange rate will roll back to $68,000.

BTC growth is also attributed to capital inflows into ETFs. According to data on US spot Bitcoin ETFs for 3 June, $886 million flowed into the instruments. This is the second best result since the launch of the ETF.

The percentages on deposits as of June 5

Jun-5-2024

The percentages on deposits as of June 5

The percentages on deposits as of June 4

Jun-4-2024

The percentages on deposits as of June 4

What happened in the cryptocurrency market during the week of 4 June

Jun-4-2024

Researchers at CryptoSlate reported that the realised capitalisation of bitcoin (BTC) has shown significant growth, reaching $600bn. According to them, this reflects increased investor confidence after halving in 2024. The experts emphasised that this metric offers a detailed assessment, taking into account the price at which the last transaction was made for each BTC. This provides a more accurate measure than market capitalisation, which is subject to price fluctuations given inactive coins.

The latest data points to an increase in realised profits, which peaked at $3.3bn in early April. This signals large-scale investor fixation. Despite the massive sell-off, the overall market trend points to asset accumulation throughout 2024. As assured by analysts, this suggests a steady underlying demand for Bitcoin (BTC). This dynamic emphasises the stability of the market in the face of short-term volatility.

The percentages on deposits as of June 3

Jun-3-2024

The percentages on deposits as of June 3