The current raging debate across the Bitcoin Futures Traders hovers around the inefficiency of the bitcoins (BTC) market. In the opening of the year 2020, Bitcoin priced at $7150, followed a low at $6900 the other day. Bitcoin started it’s bullish price action, after a sharp turnaround to a lasting attempt around $6900.
BitMEX in Vain
According to Datamish, despite the short liquidations of $40 million, the open interest (OI) on BitMEX raised by over $25million. The liquidation order stipulated that bears might have been worried about the move. The funding rate of bitcoins (BTC) in BITMEX has been fatalistic since the first week of January. But in spite of this, the majority of traders are expecting the withdrawal from $7800.
Okex Rising Among Middle East Tensions
The rate of funding was also negative on Okex, but the significant traders are inclined towards a more extended period. But the Open Interest of bitcoins (BTC)on Okex saw a hike amid of tensions in the Middle East. To an extent, the volume of futures trading on CME and Bakkt was also considerable. Radically, Bitcoin is growing strong to continue with bullish trends. For instance, the volume of trade is higher and expanding, which can ultimately put a stop to the losses. But, the investors are still bearish on Bitcoin in spite of higher surge.
Bitcoins (BTC) still the First Choice
For other cryptocurrencies like Ethereum, Litecoin and BCH, the futures market are also observing a hike, as the altcoins are gaining above Bitcoin(BTC) in the bull market. Though the gains seem to be high for altcoins, still the systematic risk on altcoins are higher. The major Bitcoin Futures Traders are still sceptical about in investing the altcoins.
According to the Bitcoin Options Volatility term structure model, the price of bitcoins (BTC does not expect large movements in volatility. Thus, one thing that major Bitcoin Futures Traders agreed that there should be a little volatility in price, which may result in reducing the natural supply of Bitcoin.