cryptd.in

另类 LinkedIn 适合加密人才

Is the BTC Rally Driven by Spot or Leveraged Demand? Glassnode Weighs In

-

由

cryptd.in
于

The past 24 hours have witnessed bitcoin (BTC) record all-time highs (ATHs) again and again, with the latest being at almost $119,000. While it is evident that institutional demand and whale movements are driving this rally, analysts have identified another cohort of investors who have contributed to the surge.

According to a tweet by the market insights firm, Glassnode, demand from leveraged traders is playing a bigger role in this rally than spot investors.

Leveraged Demand Drives BTC Rally

Glassnode revealed that Bitcoin’s spot Cumulative Volume Delta (CVD) has been on a decline for weeks. CVD analyzes investor sentiment by telling whether aggressive buyers or sellers are dominating the market. The metric measures trading activity by comparing buying and selling volume over a period.

Over the past weeks, bitcoin’s spot CVD has recorded rare buy-side spikes, with the latest being on July 9. Conversely, futures CVD has been more reactive. The futures market has recorded frequent buy-side spikes, indicating that traders have been buying BTC aggressively.

Since BTC touched $112,000, spot traders have been selling, while futures investors have been buying. Funding for the spot market has remained low and even became negative at some point.

As a result, this bitcoin rally has been fueled more by leverage than spot demand. Futures traders have been buying more; however, the market has witnessed little confirmation from spot investors. Notably, Glassnode said low funding is a sign that positioning is not yet crowded. Unfortunately, this shows a structurally fragile setup, which can only get better if spot interest returns.

No Signs of Overheating Yet

Glassnode’s analysis suggests there is no strong structural backing to support this rally. However, the Bitcoin market is yet to see any signs of overheating, meaning that there is still room for additional growth.

The market appears steady, alongside metrics like the Unspent Transaction Output (UTXO) and Short-term holder Spent Output Profit Ratio (SOPR). Others, like the Market Value to Realized Value (MVRV) and Miner Position Index (MPI), also signal that sell-side activity is muted. These indicators suggest that investors are cautiously optimistic and not eager to offload their assets.

While the market awaits bitcoin’s next move, there is a surge in open interest, with long positions dominating. This comes after shorts have been wiped out, with liquidations running close to $1 billion.

职位 Is the BTC Rally Driven by Spot or Leveraged Demand? Glassnode Weighs In 首次出现在 加密土豆.

评论

發佈留言

發佈留言必須填寫的電子郵件地址不會公開。 必填欄位標示為 *

最新信息

热门类别

zh_TW 繁體中文
zh_TW 繁體中文 en_US English ro_RO Română et Eesti ko_KR 한국어 ja 日本語 ru_RU Русский de_DE Deutsch es_ES Español zh_CN 简体中文 fr_FR Français pt_PT Português it_IT Italiano pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

搜索网站

热门故事

标签

#AlexeyPertsev (1) #BidenCryptoBan (1) #BidenElection (1) #BinanceVsCoinbase (1) #Bitcoin (458) #BitcoinETF (3) #itcoinFundamentals (1) # 比特币处理 (1) # 比特币价格 (5) # 比特币价格水平 (1) #BitcoinPump (1) #BitcoinReserve (1) #BitcoinSurge (1) #itcoinTop (1) #Bitfinex (1) #Bitwise (1) #BracebridgeCapital (1) #BRC20Tokens (1) #BTC 收购 (1) 1TP5 看涨预测 (1) #BullishSentiment (1) #C 中国矿业 (1) #CPIPreview (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #CryptoMania (1) #CryptoMarket (4) #CryptoPrediction (1) #CryptoPredictions (1) #CryptoRegulation (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty (1) #DerivativeJump (1) #Dogecoin (74) #ogecoinGains (1) #ogecoinVolume (1) #DutchCourt (2) #ECommerce (1) #El萨尔瓦多比特币 (1) #E以太坊 (74) #EthereumPain (1) #E以太坊价格 (1) #ExpertOpinion (1) #FedRateCut (1) #FiatCurrency (1) #F 财务影响 (1) #F 财务隐私 (1) #FirmShutdown (1) #FrozenAccounts (1) #IllicitFunds (1) #InflationData (1) #Investment (1) #InvestmentLoss (1) #JapaneseFirm (1) #L LegalAction (1) #L 法律影响 (1) #Legislation (1) #LightningNetwork (1) #M 市场分析 (3) #M 市场监测 (1) #M 市场预测 (1) #M 市场预测 (1) #M 市场投影 (1) #M 市场支持 (1) #M 市场波动性 (1) #M 婚姻 (1) #MemeCoin (5) #MemeCoins (2) #Miner 盈利能力 (1) #M 洗钱 (2) #MtGox (4) #朝鲜加密货币 (1) #诺沃格拉茨预测 (1) 1TP5价格里程碑 (1) #P 价格预测 (2) 1TP5价格问题 (1) #PriceSurge (1) #PrisonSentence (1) # 量化分析 (1) #R 监管压力 (1) #SECA Anti-Crypto (1) #ShibaInu (6) #SocialBuzz (1) #T 技术分析 (1) #Toncoin (3) #T 龙卷风现金 (3) #T 龙卷风现金发展项目 (1) #T 龙卷风现金开发者 (1) #UKCrypto (1) #UpsidePotential (1) #USCongress (1) #WyomingLand (1) #XRPPrice (1) #XRPupswing (1)

实用链接

我发现了一些有用的链接，希望与大家分享。