{"id":20181,"date":"2025-01-09T20:11:46","date_gmt":"2025-01-09T18:11:46","guid":{"rendered":"https:\/\/forklog.com\/en\/glassnode-spots-fading-speculative-momentum-in-bitcoin-futures\/"},"modified":"2025-01-09T20:11:46","modified_gmt":"2025-01-09T18:11:46","slug":"glassnode-spots-fading-speculative-momentum-in-bitcoin-futures","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-spots-fading-speculative-momentum-in-bitcoin-futures\/","title":{"rendered":"Glassnode spots fading speculative momentum in bitcoin futures"},"content":{"rendered":"<p>Open interest in futures on the first cryptocurrency shows \u201cdeclining speculative momentum\u201d, Glassnode analysts observed.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> Futures Open Interest (OI) shows declining speculative momentum. The mid-term trendline (30-day SMA) peaked and is now slightly declining, while the short-term trendline (7-day SMA) has fallen below it. This indicates that traders have been closing positions, in response to\u2026 <a href=\"https:\/\/t.co\/k1sO5yJTKh\">pic.twitter.com\/k1sO5yJTKh<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877357584056824161?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They said the metric\u2019s mid-term trendline (30-day <span data-descr=\"simple moving average\" class=\"old_tooltip\">SMA<\/span>) has peaked and is now easing lower; the faster 7-day SMA has crossed below it.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThis indicates that traders are closing positions in response to uncertain market conditions,\u201d the analysts explained.<\/cite><\/p><\/blockquote>\n<p>Ethereum futures largely mirror the pattern above.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&#038;ref_src=twsrc%5Etfw\">#ETH<\/a> Futures OI has mirrored <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>\u2019s pattern with the mid-term trendline peaking in mid-December. However, the short-term trendline has since rebounded, indicating that traders are reopening positions after an initial reduction, and suggesting a renewed speculative interest. <a href=\"https:\/\/t.co\/9iw1KSTfdR\">pic.twitter.com\/9iw1KSTfdR<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877357586208481438?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cHowever, since then the short-term trendline has rebounded \u2014 this means that traders are reopening positions after the initial reduction; a renewed speculative interest,\u201d the experts noted.<\/cite><\/p><\/blockquote>\n<p>Solana futures tell a slightly different story: the 7-day SMA is above the 30-day and continues to rise. That suggests traders are adding positions \u201cin anticipation of volatility\u201d.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/SOL?src=hash&#038;ref_src=twsrc%5Etfw\">#SOL<\/a> Futures OI shows increasing speculative momentum. The short-term trendline (7-day SMA) has remained above the mid-term (30-day SMA) and is continuing to rise, reflecting that traders are adding positions and potentially positioning for increased volatility. <a href=\"https:\/\/t.co\/gVPA51EpFu\">pic.twitter.com\/gVPA51EpFu<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877357588343345412?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Positive signals<\/h2>\n<p>Technical analyst Ali Martinez noted that more than 66% of traders on Binance are \u201csitting in longs\u201d, betting on a bitcoin rebound.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Now 66.38% of traders in Binance are betting <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> will rebound! Either they know something we don\u2019t, or bunch of people are about to get liquidated. <a href=\"https:\/\/t.co\/vLLfdaQu9L\">https:\/\/t.co\/vLLfdaQu9L<\/a> <a href=\"https:\/\/t.co\/huxRULNX5J\">pic.twitter.com\/huxRULNX5J<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1877358571651727828?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cEither they know something we do not, or this group of people is about to be liquidated,\u201d the expert said.<\/cite><\/p><\/blockquote>\n<p>A CryptoQuant contributor going by CryptoOnchain is confident that the first cryptocurrency is still some way from its price peak \u2014 the MVRV indicator has not yet reached extremely high levels.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">100-day moving average of MVRV: Bitcoin has not yet reached the top price of this cycle<\/p>\n<p>\u201cMVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14\u2026 it can be said that Bitcoin is preparing to move towards the top price of\u2026 <a href=\"https:\/\/t.co\/YlNLQwgE3w\">pic.twitter.com\/YlNLQwgE3w<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1877346597501022612?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe MVRV metric reached a value of 3 at market tops in the last two cycles, whereas it currently stands at 2.14,\u201d the analyst said.<\/cite><\/p><\/blockquote>\n<p>In his view, the first cryptocurrency will set a new all-time high in the coming months.<\/p>\n<p>Earlier, Glassnode\u2019s James Check noted a decline in demand for bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Open interest in futures on the first cryptocurrency shows \u201cdeclining speculative momentum\u201d, Glassnode analysts observed.<\/p>\n","protected":false},"author":1,"featured_media":20180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[609,1273,1268],"class_list":["post-20181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-futures","tag-glassnode","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20181"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20180"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}