Cryptocurrency

Strong

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-61-inactivity-over-a-year-what-does-it-mean/" data-wpel-link="internal">Bitcoin’s 61% Inactivity Over a Year: What Does It Mean?</a> 
<a href="https://coin-turk.com/bitcoin-arzinin-yuzde-61i-1-yildir-hareketsiz-bu-ne-anlama-geliyor" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/bitcoin-analiz" data-wpel-link="internal">BTC</a>) price exceeded $64,000 and then quickly retraced to the $63,000 region. The <a href="https://coin-turk.com/bitcoin-btc-neden-dusuyor-kripto-paralar-neden-dusuyor" data-wpel-link="internal">cryptocurrency</a> rapidly climbed to all-time high (ATH) levels. The ongoing surge, backed by strong institutional interest, has increased <a href="https://en.coin-turk.com/bitcoins-price-and-future-predictions-an-analysis-of-recent-trends/" data-wpel-link="internal">Bitcoin</a> by 43% since the beginning of 2024. 
<h2 id="btc-futures-trading">BTC Futures Trading</h2> 
Using Coinglass data, the open interest (OI) in BTC futures at the global derivatives exchange CME reached a record level of $8.7 billion. The exchange’s OI has more than tripled since the rally gained momentum in October 2023. CME’s standard futures contract is worth five BTC and can be seen as a barometer of institutional interest in cryptocurrencies. 
An increase in institutional interest is also noted in the steady rise of whale entities. According to analyses based on Glassnode’s data, organizations holding at least 1K tokens have seen an increase of about 5% since the beginning of the year and over 7% since October 2023. Whales typically trade large blocks of assets and can therefore have a significant impact on price movements. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-322606 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btcc-1.webp" alt="" width="1800" height="1013"> 
<h2 id="analytics-reports-on-btc">Analytics Reports on BTC</h2> 
Strong buying pressure has clearly led to a bullish trend for BTC. This optimism is also evident in the positions that whales have taken in the Bitcoin futures market. According to Hyblock Capital, whales at the leading exchange <a href="https://en.coin-turk.com/binance-burns-760-million-lunc-tokens-in-15th-burn-program/" data-wpel-link="internal">Binance</a> had a higher long-term risk compared to individual investors at the time of writing. However, the trend showed that whales reduced their exposure times over the past week. This could be because they expect a sharp correction in the coming days. <a href="https://en.coin-turk.com/crypto-market-expectations-expert-perspectives-from-qcp-capital/" data-wpel-link="internal">Cryptocurrency</a> analyst Ali Martinez highlighted the importance of the support level between $61,100 and $61,800 in his March 3 post, stating: 
<blockquote> 
 Bitcoin is ready to climb to $65,900 if it stays above this threshold, considering the minimum resistance ahead. Conversely, if BTC falls below this support, a correction could bring it down to $56,970, or even $51,500. 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-61-inactivity-over-a-year-what-does-it-mean/" data-wpel-link="internal">Bitcoin’s 61% Inactivity Over a Year: What Does It Mean?</a></h5>

Bitcoin’s 61% Inactivity Over a Year: What Does It Mean?

Table of Contents

COINTURK NEWS

Other articles published on Mar 4, 2024

Coinbase Vs SEC: CLO Paul Grewal Rejects Secondary Crypto Sales Ruling Precedent

Bitcoin Hits All-Time Highs In Euro, British Pounds: 'Like Gun Powder, It's Not Optional' Experts...

Leap Year Frenzy Sees Raffle Coin Mega Presale as ADA and XLM Join the Bandwagon, While BTC Hits ...

SHIB price explosion sees 170% rally in a week; What’s happening?

Shiba Inu Soars 70% As Whale Moves 3 Trillion Tokens To Wallet Named After Robinhood

Bitcoin Spearheads Market Advance While Altcoins Show Resilience

Join our free newsletter for daily crypto updates!