$60,000 within range after 12.7% gains in 24 hours? Not so fast, according to Bitcoin derivatives metrics.
Bitcoin (BTC) price finally broke to the upside after 12 days of trading within a tight 5% range, fluctuating between $50,430 and $52,970. The 12.7% rally in 24 hours reached a peak of $57,380, the highest level in over two years, leading to a significant $313 million in leverage short (sell) liquidations. However, Bitcoin derivatives metrics indicate that professional traders are not particularly enthusiastic, and some have even opted for protective put options.
Fortunately for bulls, spot Bitcoin exchange-traded funds (ETFs) continue to accumulate coins at an impressive rate. In the past three working days alone, they have amassed a total of 18,331 Bitcoin, valued at over $970 million, according to a post by @HODL15Capital on the X social network. BlackRock has surpassed $7 billion in holdings, followed by Fidelity at $5 billion, more than compensating for the outflow from Grayscale’s GBTC, which is dwindling due to its 1.5% fees being much higher than the competition.
Bitcoin bears are finding satisfaction in the fact that the United States economy is heading towards a recession, an opinion shared by JPMorgan Chase CEO Jamie Dimon. During a conference in Miami on Feb. 26, Dimon expressed that the market is overconfident about a soft landing, as reported by CNBC. The JPMorgan CEO observed that the U.S. Federal Reserve (Fed) is expected to begin tapering soon, but Dimon does not anticipate similarities to the 2008 financial crisis.
