Bitcoin
BTC$67 055.11

0.76%

Ethereum
ETH$3 555.09

-1.08%

Tether
USDT$0.999511

0.02%

Binance Coin
BNB$608.71

0.05%

Solana
SOL$145.96

-1.56%

USD Coin
USDC$0.999924

0%

Key Bitcoin price metric flashes its first bullish signal in 4 months


30 Apr 2021

#Bitcoin

Ethereum price is clearly in a strong bull trend, but derivatives data signals that pro traders are shifting their bullish bias back toward Bitcoin. Bitcoin (BTC) has been struggling to sustain above the $53,000 support for the past three days, while Ether (ETH) soared to a new all-time high at $2,800. In the current scenario, some traders would rather wait for Friday's CME futures expiry before entering long BTC positions, as historically, its price tends to correct ahead of the event.

On the other hand, Ether's price has been positively impacted by the European Investment Bank launching a "digital bond" sale using the Ethereum network. The EIB is issuing a two-year 100-million-euro ($120.8 million) digital bond, with the deal to be led by Goldman Sachs, Santander, and Societe Generale.

Furthermore, in the past week, JP Morgan published a research note stating that Ether should continue to outperform Bitcoin due to liquidity improvements and increased activity on the network.

According to fixed-income analyst Joshua Younger: "Bitcoin is more of a crypto commodity than currency and competes with gold as a store of value, whereas Ether is the backbone of the crypto-native economy and therefore functions more as a medium of exchange. To the extent owning a share of this potential activity is more valuable."

When analyzing the ratio between users' net long-to-short ratio at OKEx, surprising data emerges. The indicator is calculated using clients' consolidated positions, including perpetual and futures contracts. The proportion of Ether longs versus the shorts reached the lowest level in 2021, becoming significantly lower than Bitcoin's.

Ether longs vastly dominated throughout 2021, peaking at 130% larger than shorts, while Bitcoin traders have been usually more modest. However, the April 29 market trend reversal comes as the ratio for BTC longs stands 45% higher than shorts. Meanwhile, Ether traders are only 6% net long, signaling a lack of confidence in the recent rally.

One should not interpret the stance of OKEx traders' positioning in Ether as bearish, considering that the long-to-short ratio is relatively flat. However, April's monthly trend leaves no doubt that Bitcoin traders are becoming more optimistic.

Traders should not dismiss Friday's BTC and Ether options expiry. The $3.9 billion Bitcoin expiry presents a danger to bulls if the price happens to move below $50,000, considering the neutral-to-bearish put options would then have a $700 million advantage. Currently, bulls dominate Ether's more modest $930 million options expiry, and the $115 million difference in call options open interest seems guaranteed even if Ether's price drops to $2,600.

However, both cryptocurrencies could experience volatility after Friday's 8:00 AM UTC options expiry and the following CME futures and options expiry at 3:00 PM UTC.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 85.2% 15 $67 055.11 0.76% -4.00% $1 321 893 506 838 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 555.09 -1.08% -3.60% $427 176 967 666 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999511 0.02% -0.02% $112 505 843 489 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.2% 27 $608.71 0.05% -6.73% $89 835 931 961 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80% 37 $145.96 -1.56% -9.89% $67 404 445 548 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.4% 3 $0.999924 0% 0% $32 389 893 196 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82% 31 $0.516870 5.74% 3.62% $28 722 681 575 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 69.6% 58 $0.133531 -1.86% -8.42% $19 328 580 108 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 67.2% 62 $7.88 -2.04% 9.64% $19 200 546 956 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 81.6% 36 $0.409939 -1.20% -7.66% $14 647 694 223 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58% 94 $0.000020 -5.38% -14.97% $11 645 362 465 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 72.8% 56 $28.16 -6.24% -14.34% $11 077 241 790 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 TRON (TRX) TRX TRON predictions 91.2% 12 $0.117508 1.17% 0.14% $10 255 271 978 TRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 96% 1 $66 887.19 0.35% -4.29% $10 249 507 348 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.