Investors are nervous that this week’s CME ETH futures launch will be a repeat of Bitcoin’s 2017 CME launch but data suggests otherwise.
With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.
Institutions were aggressively accumulating ETH in the lead up to the launch of CME futures, with Ether products representing 80% of last week’s institutional crypto inflows.
Bitcoin perpetual futures buyers are paying a 5.4% weekly funding rate to keep their positions open, but is this sustainable?
Bitcoin’s current volatility reflects traders’ excitement as the price bounces between key support and resistance levels.
Data show pro traders are still bullish even as Bitcoin price dips below $30,000 and Friday’s $4 billion BTC options expiry approaches.
ETH broke above $1,200 for the first time in almost three years, extending its weekly gains to 62%.
Crypto derivatives showed enormous growth in 2020 as nearly $2 billion worth of BTC options expired on Christmas day.
The crypto space has notably matured over the last three years.
The price of Bitcoin has surpassed $23,000, and analysts predict where BTC is headed next after a significant rally.