just about at $1b in total volume today (curr $993m but trades still trickling in). Easily the biggest Day One of any ETF in terms of 'natural' volume. It also traded more than 99.5% of all ETFs (incl some bigs like , , ). It def defied our expectations.. — Eric Balchunas (@EricBalchunas)
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The derivates market has been heating up across the board with the funding rates going positive as Bitcoin moves higher. This has triggered a FOMO effect which led to a correction as over-leverage traders were shaken out in the past days.(…) funding rates remain at similar levels as observed just prior to the early September flush out. With futures open interest remaining near all-time highs, a risk of further downside to clear even more leverage does remain in play.
Bitcoin Investors Expect More Gains
In support of the current optimistic general sentiment in the crypto market, Glassnode noted a reduction in activity by long-term holders. These investors were taking profits for the past 2 weeks following a period of accumulation.
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When combining the behavior of LTHs, already resuming their BTC accumulation, with that of Short-term holders (STH), Glassnode concluded that the overall sentiment is for Bitcoin to reach new highs:(…) STHs have stopped spending during this correction. With LTH supply already starting to recover, the most likely interpretation is that the vast majority of coin holders are still expecting and waiting for higher prices.