Bitcoin ETF suffers from weak capital outflow, while the price nearing $80,000 options seems to be 'singing a different tune'!
The situation in the Bitcoin market has been quite interesting lately. Although the demand for ETFs is currently weak, capital is flowing out, and open interest is also decreasing. One would expect the market to be quite sluggish, but strangely enough, the overall sentiment is slowly improving.
Especially when the price of Bitcoin approaches $80,000, the options situation in the market has changed; previously dominant put options are now taking a back seat to call options. What does this indicate? It suggests that many investors are not as panicked anymore and believe that the price of Bitcoin may rise in the future, so they are investing in call options.
This is also evident as, although the market still faces pressure, investors are becoming a bit bolder, willing to take some risks in hopes of earning more money. However, we cannot be blindly optimistic just because of these positive changes. After all, the unfavorable factors of weak ETF demand are still present, and market uncertainty remains significant.
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