Analyst: Bitcoin continues to recover, traders are preparing for further price gains

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ODAILY
08-23
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Odaily Odaily News: Data from CryptoQuant and Deribit indicate that as Bitcoin continues to recover, traders are preparing for further price increases. CryptoQuant charts show that the amount of Bitcoin reserves on centralized exchanges has fallen to its lowest level in years in August. The data also shows that the supply of Bitcoin on centralized exchanges has fallen significantly by 11% since the beginning of the year. At the same time, the price of Bitcoin has risen by nearly 43% since the beginning of January. A decrease in the number of Bitcoins on exchanges typically weakens supply pressure and supports the potential for price increases. SynFutures co-founder Rachel Lin outlined derivatives market indicators that suggest traders are preparing for bullish Bitcoin price movements. Lin also noted: "It is worth noting that the top 10 open contracts for Bitcoin and Ethereum are all call options, with no significant put options." (The Block)

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