{"id":605085,"date":"2024-04-25T16:00:12","date_gmt":"2024-04-25T16:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=605085"},"modified":"2024-06-11T09:23:52","modified_gmt":"2024-06-11T09:23:52","slug":"is-bitcoin-rally-over-leverage-drops-as-halving-highs-fade","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/is-bitcoin-rally-over-leverage-drops-as-halving-highs-fade\/","title":{"rendered":"Is Bitcoin’s Rally Over? Leverage Drops As Halving Highs Fade: Report"},"content":{"rendered":"

Recent trends in the crypto market have indicated<\/a> a notable shift in trader behavior, particularly among those investing in Bitcoin.<\/p>\n

Using data from CryptoQuant, Bloomberg has revealed<\/a> that the Bitcoin funding rate\u2014the cost for traders to open long positions in Bitcoin\u2019s perpetual futures\u2014has turned negative for the first time since October 2023.<\/p>\n

\"Bitcoin
Bitcoin Funding Rates: Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

This change suggests a “cooling interest” in leveraging bullish bets on Bitcoin, coinciding with the fading impact of major market drivers.<\/p>\n

Related Reading: Is A $72K Bitcoin Surge On The Horizon? Glassnode\u2019s Latest Analysis Points To An Answer<\/a><\/div>\n

Bitcoin Market Dynamics Post-Halving<\/h2>\n

The decline in Bitcoin\u2019s funding rate correlates with a reduction in net inflows to US spot Bitcoin Exchange-Traded Funds (ETFs), which previously pushed the cryptocurrency to record highs<\/a>.<\/p>\n

Despite the anticipation surrounding the Bitcoin Halving\u2014an event reducing the reward for mining new blocks and theoretically lessening the supply of new coins\u2014the price impact has been surprisingly muted.<\/p>\n

According to Bloomberg, this subdued response has compounded the effects of broader economic factors, such as geopolitical tensions and changes in monetary policy expectations, leading to increased risk aversion among investors.<\/p>\n

Following the latest Bitcoin halving, the market has not seen the bullish surge many expected. Instead, Bitcoin has only seen a correction of over 10%, from its all-time high (ATH) in March with prices stabilizing in the $63,000 region, at the time of writing.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

As CryptoQuant’s Head of Research Julio Moreno pointed out, the recent downturn in Bitcoin’s funding rates to below zero underscores a “decreased eagerness” among traders<\/a> to take long positions.<\/p>\n

According to Bloomberg, this trend is supported by a significant drop in daily inflows to US spot Bitcoin ETFs and a reduction in open interest in Bitcoin futures at the Chicago Mercantile Exchange (CME), which indicates a broader cooling of enthusiasm for crypto investments.<\/p>\n

\n

[1\/4] Bitcoin ETF Flow – 25 April 2024 – UPDATE pic.twitter.com\/ojRayOFlnu<\/a><\/p>\n

\u2014 BitMEX Research (@BitMEXResearch) April 25, 2024<\/a><\/p><\/blockquote>\n

In a Bloomberg report, K33 Research analyst Vetle Lunde noted that the “current streak of neutral-to-below-neutral funding rates is unusual,” suggesting that the market<\/a> might be entering a price-consolidation phase.<\/p>\n

Notably, this period of reduced leverage activity could potentially lead to further price stabilization, but it also raises questions about the near-term prospects for Bitcoin’s recovery.<\/p>\n

Adjustments In Mining Difficulty And Market Implications<\/h2>\n

Interestingly, alongside these market adjustments, Bitcoin’s mining difficulty has increased for the first time immediately following the fourth halving<\/a>.<\/p>\n

The difficulty adjustment, which occurs every 2016 block, increased by 2%, reaching a new high of 88.1 trillion, according to Bitbo data.<\/p>\n

\"Bitcoin
Bitcoin Mining Difficulty History Chart. | Source: Bitbo<\/a><\/figcaption><\/figure>\n

This adjustment contradicts past trends where the difficulty typically decreased post-halving due to reduced profitability pushing less efficient miners out of the market.<\/p>\n

This anomaly in mining difficulty suggests that despite lower rewards post-Halving<\/a>, miners remain active, possibly buoyed by more efficient mining technologies or strategic shifts within mining operations.<\/p>\n

Related Reading: Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight<\/a><\/div>\n

This resilience in mining activity could help sustain the network\u2019s security and processing power. Still, it reflects the complexities of predicting Bitcoin\u2019s market dynamics solely based on historical halving outcomes.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent trends in the crypto market have indicated a notable shift in trader behavior, particularly among those investing in Bitcoin. Using data from CryptoQuant, Bloomberg has revealed that the Bitcoin funding rate\u2014the cost for traders to open long positions in Bitcoin\u2019s perpetual futures\u2014has turned negative for the first time since October 2023. This change suggests a “cooling interest” in leveraging bullish bets on Bitcoin, coinciding with the fading impact of major market drivers. Related Reading: Is A $72K Bitcoin Surge On The Horizon? Glassnode\u2019s Latest Analysis Points To An Answer Bitcoin Market Dynamics Post-Halving The decline in Bitcoin\u2019s funding rate correlates with a reduction in net inflows to US spot Bitcoin Exchange-Traded Funds (ETFs), which previously pushed the cryptocurrency to record highs. Despite the anticipation surrounding the Bitcoin Halving\u2014an event reducing the reward for mining new blocks and theoretically lessening the supply of new coins\u2014the price impact has been surprisingly muted. According to Bloomberg, this subdued response has compounded the effects of broader economic factors, such as geopolitical tensions and changes in monetary policy expectations, leading to increased risk aversion among investors. Following the latest Bitcoin halving, the market has not seen the bullish surge many expected. Instead, Bitcoin has only seen a correction of over 10%, from its all-time high (ATH) in March with prices stabilizing in the $63,000 region, at the time of writing. As CryptoQuant’s Head of Research Julio Moreno pointed out, the recent downturn in Bitcoin’s funding rates to below zero underscores a “decreased eagerness” among traders to take long positions. According to Bloomberg, this trend is supported by a significant drop in daily inflows to US spot Bitcoin ETFs and a reduction in open interest in Bitcoin futures at the Chicago Mercantile Exchange (CME), which indicates a broader cooling of enthusiasm for crypto investments. [1\/4] Bitcoin ETF Flow – 25 April 2024 – UPDATE pic.twitter.com\/ojRayOFlnu \u2014 BitMEX Research (@BitMEXResearch) April 25, 2024 In a Bloomberg report, K33 Research analyst Vetle Lunde noted that the “current streak of neutral-to-below-neutral funding rates is unusual,” suggesting that the market might be entering a price-consolidation phase. Notably, this period of reduced leverage activity could potentially lead to further price stabilization, but it also raises questions about the near-term prospects for Bitcoin’s recovery. Adjustments In Mining Difficulty And Market Implications Interestingly, alongside these market adjustments, Bitcoin’s mining difficulty has increased for the first time immediately following the fourth halving. The difficulty adjustment, which occurs every 2016 block, increased by 2%, reaching a new high of 88.1 trillion, according to Bitbo data. This adjustment contradicts past trends where the difficulty typically decreased post-halving due to reduced profitability pushing less efficient miners out of the market. This anomaly in mining difficulty suggests that despite lower rewards post-Halving, miners remain active, possibly buoyed by more efficient mining technologies or strategic shifts within mining operations. Related Reading: Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight This resilience in mining activity could help sustain the network\u2019s security and processing power. Still, it reflects the complexities of predicting Bitcoin\u2019s market dynamics solely based on historical halving outcomes. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":558480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,629,640,1119,78790,6664,10923],"class_list":["post-605085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-mining","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nIs Bitcoin Rally Over? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin’s Rally Over? 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