In the early days of March, there has been a steady trend towards weakening activity of players in the Bitcoin futures market on the Chicago Stock Exchange (CME). At the same time, open interest in the product is declining, Arcane Research analysts are paying attention to this.
Their report says:
It seems that institutional investors have decided to take a break and abandon transactions with bitcoin. This is due to the instability caused by coronavirus. It is likely that the sudden drop in stock markets also had a negative impact.
As of March 6, the volume of trading in futures on BTC did not exceed $ 88 million. This figure was the lowest since the beginning of December 2019, when the trading volume was about $ 67 million, follows from the data of the Skew service.
Stock markets this week remain negative dynamics. Last week, the lows updated the leading indicators of business activity S & P 500 and Dow Jones. Asian markets are also falling on Monday, March 9, the price of Brent crude has fallen in price by more than 20% to $ 35 per barrel.
Capital began to actively exit the cryptosphere last Sunday. Today, bitcoin is trading below $ 8000, along with it all the largest digital currencies suffer losses.
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