Цена биткоина је порасла на 25 хиљада долара, након чега је уследило поновно тестирање укупне крипто тржишне капитализације отпора од 1.13Т

The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in November 2021. Still, the current recovery is notable. 

As shown above, the ascending channel initiated in mid-January has left some room for a 10% correction down to $1 trillion without breaking the bullish formation.

Investors reacted positively to the 5.6% year-on-year U.S. Consumer Price Index inflation increase on Feb. 14 and the 3% retail sales monthly growth on Feb. 15. Bitcoin (BTC) had the biggest positive impact on the total crypto capitalization as its price gained 12.5% on the week.

One area of concern is a Feb. 16 story on Binance.US financial transactions to Merit Peak, a trading firm managed by CEO Changpeng Zhao. Interestingly, Reuters reported that a Binance.US spokesperson said Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform.”

The 10.1% weekly increase in total market capitalization was held back by the modest 1.8% gains from BNB (БНБ) and the XRP (XRP) 2.5% price increase. On the other hand, only three out of the top 80 cryptocurrencies finished the week with negative performances.

Decentralized storage solution Filecoin (FIL) gained 59% and Internet Computer (ICP) soared 52% as Bitcoin blockchain demand for nonfungible token (NFT) inscription vastly increased the block space.

GMX rallied 34% as the protocol received $5 million in transaction fees on a single day.

Lido DAO’s LDO gained 34% as stakers evaluated proposals to manage the 20,300 Ether (ETH) held by the corporate treasury.

Leverage demand is balanced despite the generalized rally

Вјечни уговори, познати и као инверзне замјене, имају уграђену стопу која се обично наплаћује сваких осам сати. Берзе користе ову провизију да би избегле неравнотеже девизног ризика.

Позитивна стопа финансирања указује на то да дугови (купци) захтевају више полуге. Међутим, супротна ситуација се дешава када шортс (продавци) захтевају додатну полугу, због чега стопа финансирања постаје негативна.

The seven-day funding rate was close to zero for Bitcoin and Ether, meaning the data points to a balanced demand between leverage longs (buyers) and shorts (sellers).

Interestingly, BNB is no longer a top six cryptocurrency ranked by futures open interest, as investors’ demand for Polygon’s MATIC (MATIC) markets increased by 70% in February.

Однос опција пут/позив остаје оптимистичан

Трговци могу да процене целокупно расположење тржишта мерењем да ли се више активности одвија кроз опције куповине или куповине (продаје). Уопштено говорећи, цалл опције се користе за биковске стратегије, док су пут опције за медвеђе.

Коефицијент од 0.70 пут-то-цалл указује на то да отворене камате опције за продају заостају за више биковских позива за 30% и стога су биковске. Насупрот томе, индикатор од 1.40 фаворизује пут опције за 40%, што се може сматрати медвеђим.

Релатед: Bitcoin price derivatives look a bit overheated, but data suggests bears are outnumbered

Even though Bitcoin’s price failed to break the $25,000 resistance, the demand for bullish call options has exceeded the neutral-to-bearish puts since Feb. 14.

Presently, the put-to-call volume ratio nears 0.40 as the options market is more strongly populated by neutral-to-bullish strategies, favoring call (buy) options by 2x.

From a derivatives market perspective, there are no signs of demand from short sellers, while leverage indicators show bulls are not using excessive leverage. Ultimately, the odds favor those betting that the $1.13 trillion total market cap resistance will break, opening room for further gains.