According to K33 Research analysts, the cryptocurrency market has reached a healthier point after last week’s shakeup.
K33 Research analysts have predicted in recent weeks that if the SEC approves spot Bitcoin ETFs, “sell the news” He was warning that it could turn into an incident.
However, analysts “The liquidation cascade on January 3 significantly improved the market situation.” Wrote. There is no longer a liquidation wave that can be triggered by long positions in the market. It will be less effective than it was a few weeks ago. is considered.
The total value of open positions in perpetual Bitcoin contracts fell 12% between January 2-6, and funding rates moved into neutral territory.
Analysts, “Following deleveraging last week, the market is stronger in the face of profit taking that will come with the ETF announcement.” he commented.
Open positions in CME, last day 131,620 Bitcoins broke a record in volume. Compared to the first days of the year on CME “much healthier” Stating that there is a picture, analysts expect the positions to shrink after the ETFs are approved.
Organizations such as Valkyrie and VanEck, which have applied for a Spot Bitcoin ETF, say that ETFs opening for processing as of tomorrow waiting.
K33 Research analysts, “If there is one week in particular that you need to follow in 2024, it is this week.” said.