{"id":538985,"date":"2023-06-21T19:00:28","date_gmt":"2023-06-21T19:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=538985"},"modified":"2024-06-11T08:10:44","modified_gmt":"2024-06-11T08:10:44","slug":"bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last\/","title":{"rendered":"Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?"},"content":{"rendered":"

On-chain data shows that derivative exchanges have observed elevated activity as Bitcoin has rallied towards the $29,000 level.<\/p>\n

Bitcoin Spot Vs Derivative Trading Volume Ratio Has Been Quite Low Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the latest price increase is mainly driven by the derivatives. The indicator of interest here is the “trading volume ratio,” which measures the ratio between the Bitcoin trading volume on the spot exchanges and that on the derivative exchanges<\/a>.<\/p>\n

The “trading volume<\/a>” here naturally refers to the total amount of the cryptocurrency that investors are transacting\/moving around on a platform or a group of platforms.<\/p>\n

When the value of the trading volume ratio is high, it means that the spot exchanges are observing a high amount of activity when compared to the derivative platforms. On the other hand, low values of the indicator imply the derivative exchanges are the ones seeing a relatively high volume at the moment.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin trading volume ratio over the past year:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite low in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin trading volume ratio had taken a plunge back in March and has since moved mostly sideways around pretty low levels.<\/p>\n
This would suggest that there has been little spot activity in the market during this time, at least when compared to the volumes that the derivative exchanges have been observing.<\/p>\n
Interestingly, despite the price of the asset registering a sharp jump towards the $29,000 level<\/a> during the past day, the ratio has failed to show any uptick, implying that the spot volumes continue to remain low relative to the derivatives activity.<\/p>\n
This fact would suggest that the latest rally may have in fact received its fuel from the derivatives, rather then the spot market. Historically, rallies that have started along with rising spot trading volumes have been the ones more likely to sustain for longer durations.<\/p>\n
Related Reading: Bitcoin Miners Deposit To Exchanges, What Does This Mean?<\/a><\/div>\n
From the chart, it’s visible that the Bitcoin price surge back in January of this year had kicked off when the trading volume ratio had been at relatively high levels.<\/p>\n
Similarly, the recovery rally back in March had also started when the indicator had seen an uplift (although a much smaller one). As mentioned earlier, the metric had plummeted shortly after this rally had occurred and has been at low levels since then. In this time, BTC has been unable to record any sustainable move.<\/p>\n
In the past day, however, things have obviously looked different, as the rapid price surge has been unlike anything the asset has displayed recently. Still, the fact that the spot volumes are still low means that the rally “appears weaker when compared to the solid rallies led by spot market at $16,000 and $19,000,” according to the quant.<\/p>\n
Related Reading: Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push<\/a><\/div>\n
It now remains to be seen if the ratio will continue to be low in the coming days, or if an uptick in spot activity would appear after all.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,100, up 12% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has seen a sharp uplift in the last 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that derivative exchanges have observed elevated activity as Bitcoin has rallied towards the $29,000 level. Bitcoin Spot Vs Derivative Trading Volume Ratio Has Been Quite Low Recently As pointed out by an analyst in a CryptoQuant post, the latest price increase is mainly driven by the derivatives. The indicator of interest here is the “trading volume ratio,” which measures the ratio between the Bitcoin trading volume on the spot exchanges and that on the derivative exchanges. The “trading volume” here naturally refers to the total amount of the cryptocurrency that investors are transacting\/moving around on a platform or a group of platforms. When the value of the trading volume ratio is high, it means that the spot exchanges are observing a high amount of activity when compared to the derivative platforms. On the other hand, low values of the indicator imply the derivative exchanges are the ones seeing a relatively high volume at the moment. Now, here is a chart that shows the trend in the Bitcoin trading volume ratio over the past year: The value of the metric seems to have been quite low in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin trading volume ratio had taken a plunge back in March and has since moved mostly sideways around pretty low levels. This would suggest that there has been little spot activity in the market during this time, at least when compared to the volumes that the derivative exchanges have been observing. Interestingly, despite the price of the asset registering a sharp jump towards the $29,000 level during the past day, the ratio has failed to show any uptick, implying that the spot volumes continue to remain low relative to the derivatives activity. This fact would suggest that the latest rally may have in fact received its fuel from the derivatives, rather then the spot market. Historically, rallies that have started along with rising spot trading volumes have been the ones more likely to sustain for longer durations. Related Reading: Bitcoin Miners Deposit To Exchanges, What Does This Mean? From the chart, it’s visible that the Bitcoin price surge back in January of this year had kicked off when the trading volume ratio had been at relatively high levels. Similarly, the recovery rally back in March had also started when the indicator had seen an uplift (although a much smaller one). As mentioned earlier, the metric had plummeted shortly after this rally had occurred and has been at low levels since then. In this time, BTC has been unable to record any sustainable move. In the past day, however, things have obviously looked different, as the rapid price surge has been unlike anything the asset has displayed recently. Still, the fact that the spot volumes are still low means that the rally “appears weaker when compared to the solid rallies led by spot market at $16,000 and $19,000,” according to the quant. Related Reading: Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push It now remains to be seen if the ratio will continue to be low in the coming days, or if an uptick in spot activity would appear after all. BTC Price At the time of writing, Bitcoin is trading around $29,100, up 12% in the last week. Looks like BTC has seen a sharp uplift in the last 24 hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":539006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88469,6481,5351,1119,1144],"class_list":["post-538985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-derivative-exchanges","tag-bitcoin-rally","tag-bitcoin-volume","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the derivative exchanges have observed elevated activity as Bitcoin has rallied towards the $29,000 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?","url":"http:\/\/uniquehot.com\/news\/bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-4KJJezDyo3M-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-4KJJezDyo3M-unsplash-2-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin derivative exchanges","bitcoin rally","bitcoin volume","btc","btcusd"],"dateCreated":"2023-06-21T19:00:28Z","datePublished":"2023-06-21T19:00:28Z","dateModified":"2024-06-11T08:10:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-rally-appears-to-be-fueled-by-derivatives-will-it-last\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-4KJJezDyo3M-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-4KJJezDyo3M-unsplash-2-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin derivative exchanges\",\"bitcoin rally\",\"bitcoin volume\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-21T19:00:28Z\",\"datePublished\":\"2023-06-21T19:00:28Z\",\"dateModified\":\"2024-06-11T08:10:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-4KJJezDyo3M-unsplash-2-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/538985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=538985"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/538985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/539006"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=538985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=538985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=538985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}