TronWeekly

Crypto World News

You are here: Home / Archives for Coinglass

Coinglass

Bitcoin Futures Open Interest Jumps Alongside 3X Spot Volume Surge

by

  • Bitcoin futures Open Interest surged by $2.4 billion in 36 hours — the largest spike since last month.
  • BTC spot volume nearly tripled, jumping from $2.9 billion to $8 billion, showing a wave of renewed investor interest.
  • Over 104,000 traders liquidated, with total liquidation hitting $266 million in 24 hours.

The futures Open Interest (OI) for Bitcoin (BTC) has been on the rise in the last 24 hours, according to data from the leading on-chain analytics platform, Glassnode. The OI climbed from $36.2 billion yesterday to $38.6 billion at the time of writing.

This addition of $2.4 billion within 36 hours represents the biggest rise in the coin’s Open Interest since late last month. This sharp rise suggests increased activity in the BTC futures market and derivatives positions.

The OI metric is the number of active futures positions that are yet to be closed. If this metric is rising, there’s fresh fund inflow into the asset’s market, suggesting that it is likely that the asset will maintain its current price trend.

Meanwhile, analysts warn traders to be careful. They explained that when there’s a rise in O1, there can be massive price changes around major market events.

Open Interest rises. Source: Glassnode

Spot Bitcoin Market Volume Triples Amid Renewed Market Interest

In addition to the rising market momentum, Glassnode also noted a massive rise in BTC spot volume. Within the same period, the spot volume for Bitcoin rose from $2.9 billion to $8 billion, a near three times increase.

The sharp increase in Open Interest and the massive funds inflow into the Bitcoin spot market indicate renewed growing interest in the leading cryptocurrency. The combination of these factors also reveals an increasing conviction among market participants.

Usually, increases in spot volume mean that there are a lot of direct buy and sell activities for BTC, while the rise in Open Interest suggests that there are a lot of positions being opened. Analysts predict that the combination of these factors could be the start of a strong price rally for the popular digital asset.

Day traders will be monitoring the charts to see if this period of increased activity results in a stable price direction for the leading cryptocurrency.

AD 4nXd MtHtOSxIu V8OAEgdl8dI IH WN8WePZ1BTGG6JzZr7z6Vwg09GYdJI1tO06nYI6zWM99x0Q7 UYVmTtWVbl86INgW746d ecuRbM4wmIxuWU

Spot volume rises. Source: Glassnode

Bitcoin currently trades at $88,447, according to Coingecko data, having gained 1.3% in the last 24 hours. Meanwhile, liquidation data from Coinglass shows that 104,645 traders were liquidated within the last day, with a total liquidation of $266.08 million.

The data also noted that the largest single liquidation order was $2.65 million, and it happened with the ETH/USDT pair on Bybit.

Ethereum Hit Hard: $335M Liquidated In 12-Hour

by

In the past 24 hours, Ethereum, the leading altcoin, experienced a 5% decline amid a broader cryptocurrency market downturn that resulted in a massive liquidation exceeding $340 million. Bitcoin spearheaded this liquidation wave, suffering a substantial $94 million loss, closely followed by Ethereum, which saw a long-term sell-off totaling $80 million. Coinglass data revealed that within the last 12 hours, liquidations exceeded $335 million, with $300 million emanating from the liquidation of long positions.

Several other altcoins, including CRO from crypto.com, Tezos [XTZ], and Toncoin [TON], recorded declines surpassing 10% in the hourly index. The upcoming events of the US Consumer Price Index [CPI] release and the Federal Reserve’s interest rate decision this week are expected to contribute to sustained market volatility. While Bitcoin’s fluctuations are causing widespread repercussions, Ethereum faces additional challenges.

ETH is confronting potential sell pressure after surpassing the $2,300 mark, warns a crypto analyst. Notably, whales have been actively capitalizing on profits, raising concerns about triggering substantial sell pressure on the second-largest cryptocurrency globally.

Ethereum Volatility To Continue

Despite maintaining a unique market position driven by an extensive developer community, widespread adoption, and a pivotal role in decentralized finance [DeFi] and various blockchain applications, Ethereum’s earlier bullish momentum is now overshadowed by the looming influence of selling pressure from significant holders.

Ethereum
Ethereum Hit Hard: $335M Liquidated In 12-Hour 4

Prominent crypto analysts such as Ali predicted that in a bearish scenario, the largest altcoin might retest the $1,555 support level, and sustained selling pressure could drive its value as low as $1,460 within the next two months. Still, overall market sentiment remains cautiously optimistic, given Ethereum’s impressive year-to-date price increase of 96.5%.

While that is happening, Tim Beiko, Ethereum’s lead developer, provided insights into upcoming developments for the network in a recently concluded community meeting. As reported by TronWeekly, Beiko highlighted the anticipated Dencun hard fork of the Goerli testnet, revealing plans for execution in January 2024, contingent on the smooth progression of preparations. Most teams involved are reportedly ready for the testnet fork trial, with plans to conduct a Goerli shadow network fork in the ensuing weeks.

Crypto Bulls Charge Ahead: Bitcoin Breaks $30k & ETH Approaches $2,000

by

Bitcoin has once again taken the lead with a new record high. The price has crossed the $30,000 mark, reaching its highest since June 2022. This impressive gain of 6.13% in just 24 hours has set a bullish trend in the market, indicating that investors are confident in the currency’s long-term potential.

BTC 1D graph coinmarketcap 12
Source: CoinMarketcap

Ethereum, another major player in the crypto market, has also experienced a surge in value. In the past 24 hours, its price has increased by 3.30%, hitting a peak of $1,936. With both Bitcoin and Ethereum trading at their major resistance levels, it’s clear that the overall market is experiencing a significant upswing.

ETH 1D graph coinmarketcap 5
Source: CoinMarketcap

Meanwhile, the data from CoinMarketcap also shows that the 24 hours trading volume of both leading currencies is up by 93.89% and 65.00%, respectively. Not just that, both are rising in their weekly charts as well. BTC rose about 6.72% in the past seven days and ETH by 4.82%.

This upward trend also favors other currencies, several of which are now trading at considerable gains. As a consequence, the market cap as a whole increased by 4.34% to $1.24 trillion.

Despite the optimism, it has also been reported that a staggering $173.46 million US dollars have been liquidated on the entire network in the past 24 hours. Further raising concerns is that 77.49% of these liquidations are short orders.

l
Source: CoinGlass

According to data by Coinglass, it has been revealed that Bitcoin alone accounted for a massive $107.16 million in liquidations. On the other hand, ETH was not too far behind, with a total of $27.99 million in liquidations.

Bitcoin & ETH Block Trades Drive Short-Term IV Boost

Well, the cryptocurrency market has witnessed a remarkable surge in recent trading as BTC has soared past the $30,000 mark, and ETH has come close to $2,000 earlier today. This boost is reflected across all significant term IVs, with short-term IVs experiencing a substantial increase.

As per the day’s transactions, Bitcoin block trades dominated the market, contributing to almost half of the overall transactions. At the same time, ETH block trades accounted for over 30% of the trades. Active buying of short-term calls was the most common among the various trading activities, and overall transactions remained fragmented.

Interestingly, options data indicate that market sentiment is currently stable, and the market has not yet reached the FOMO (Fear Of Missing Out) stage. According to the latest report from GreeksLive, this suggests that investors remain calm and calculated, and the market is still open to potential opportunities.

Related Reading | Conflux (CFX) Surges With Binance Boost: Trading Volume Spikes By 336%

Bitcoin Fear & Greed Index Hits One-Year High At 61: The Market’s Wild Ride Continues 

by

The crypto world is buzzing as the Bitcoin Fear & Greed Index hits a one-year high of 61, signaling a surge in greed among investors. The index, which measures market sentiment based on volatility, rose from 25 last month, signaling a shift from extreme fear to greedy excitement.

bybt chart
Source: Coinglass

As Bitcoin continues its upward trajectory, reaching new all-time highs in recent weeks, investors are feeling the rush of the bullish market. The Fear & Greed Index, which has been tracking market sentiment for over a decade, provides a clear picture of the current state of the crypto market.

Despite warnings from financial experts about a potential bubble, many investors are jumping on the bandwagon, driven by the fear of missing out on potential profits. As more institutional investors enter the market and mainstream acceptance grows, the demand for Bitcoin only continues to rise.

However, it is essential to remember that with high risk comes high reward. As the Fear & Greed Index reaches new highs, investors should exercise caution and consider the long-term prospects of their investments.

Institutional Adoption Fuels Bitcoin Craze

The surge in greed can be attributed to a growing number of factors, including increasing institutional adoption of Bitcoin and other cryptocurrencies. 

With more big players entering the market, it’s no wonder that the crypto market is experiencing a bull run. Many experts predict this trend will continue in the coming months, with more institutional investors entering the market and driving up cryptocurrency prices.

While the current state of the market may be fueled by greed, it’s important to remember that there is always a risk of a sudden correction or pullback. It could result in significant losses for unprepared investors. It’s crucial to approach any investment, including cryptocurrencies, with caution and a well-thought-out strategy.

In other related news, the Bitcoin network has seen a significant increase in difficulty as of January 29th, rising by 4.68%. It marks the latest in a series of adjustments to the network’s mining difficulty, a metric that determines how challenging it is to add new blocks to the blockchain.

In addition to the rise in difficulty, the network’s hashrate, which measures the total computing power used to mine Bitcoin, also saw a boost, reaching 295 EH/s. It shows that more miners are joining the network and contributing to its overall strength and security.

However, the increase in hashrate and difficulty is a positive sign for the stability and security of the Bitcoin network and reflects growing interest and investment in the cryptocurrency. 

Related Reading | Weekly Market Watch: Bitcoin & Ethereum Soar As Crypto Market Surges Past $1T, Threshold, Aptos Lead The Way

Coinglass Data Reveals That Over 245,000 Crypto Traders Liquidated Over $1.20 Billion in 24 Hours

by

Over $1.2 billion in crypto was liquidated in the last 24 hours, according to Coinglass, as bitcoin and ethereum plunged below $21,000 and $1,100, respectively. Bitcoin fell to $20,950 before recovering to $22,522. The world’s largest crypto has dropped around 14 percent of its value in the last 24 hours.

Ethereum had a similar fate, falling to $1,094 before rebounding to $1,227. In the previous 24 hours, Ether has lost about 8% of its value. According to Coinglass data, nearly $13 million was liquidated in the preceding hour.

The total value of the 24-hour liquidation is $1.20 billion. During this time, an estimated 248,172 investors liquidated their positions. Bitmex, which was valued at $4.46 million, has the largest single liquidation.

The Crypto market is bleeding

When comparing the liquidation of several cryptocurrencies over the last 24 hours, Bitcoin was the worst impacted, with almost $579 million in liquidation. Ethereum was the next to be liquidated, at a stunning $444.27 million.

The crypto market is once again in an adverse environment. Digital assets took a beating on Monday, as trading platforms like Celsius and Binance suspended withdrawals while other businesses laid-off employees.

Celsius indicated that withdrawals, swaps, and transfers between accounts will be paused due to “extreme market conditions.” “Stabilize liquidity and operations” was the goal of the action.

Binance also encountered a setback when a transaction became blocked, forcing a three-hour delay in Bitcoin withdrawals. Worst of all, companies such as Crypto.com, Gemini, Coinbase, and BlockFi exacerbated the problem by laying off a chunk of their workforce. Some businesses have even stopped employing. Extreme market conditions, according to the companies, were the fundamental cause of the widespread layoffs.

Amidst all the chaos, Binance seems to be expanding the hiring as CZ spoke at the Consensus 2022, stating that crypto winter is a good time to invest in acquiring talents.