Coin Desk "Cryptocurrency market trading volume has decreased significantly in the past 48 hours"
US BTC spot ETF has seen net outflows for 4 consecutive days... 2.2137 trillion won outflow
Major altcoins record a 3% drop on the 27th, following the decline of BTC
Kee-young Ju "The BTC bull market is still far from over"
Bitcoin (BTC) fell on the 27th as it showed a decrease in trading volume due to a decrease in market enthusiasm.
According to a report by the cryptocurrency media Coin Desk, the trading volume in the cryptocurrency market has decreased significantly over the past 48 hours.
It was also revealed that the US Bitcoin spot exchange-traded fund (ETF) has recorded net outflows for 4 consecutive days. The net outflow from the US Bitcoin spot ETF over the 4 days was about $1.5 billion (about 2.2137 trillion won).
As Bitcoin fell, altcoins also continued a weak uptrend. Market expectations for a year-end rally have turned into disappointment, and this has led directly to a decrease in trading volume and a drop in market prices.
Major altcoins fell about 2-3%.
◇Bitcoin = As of 4 pm on the 27th, based on Upbit, the price of Bitcoin is 14,444 million won. Bitcoin's market share (dominance) was 58.27%.
According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratios in the Bitcoin futures market were 58.90% and 41.10%, respectively.
It has been argued that the recent decline in Bitcoin was just a temporary adjustment, and the Bitcoin bull market is not over yet.
Kee-young Ju, CEO of Cryptoquant, said in his X account on the 26th, "The bull market is not over" and "With $7 billion (about 10.2998 trillion won) flowing into the market per week, this is clearly a bull market."
He said, "The likelihood of the market falling more than 30% during the current cycle is very low," and "There is a high possibility of a rise of more than 30% after the adjustment, and the bull market is likely to continue in the short term." He also wrote, "The peak of the cycle still feels far away, and those who claim a bear market are not looking at on-chain data."
◇Rising Coins = As of 4 pm on the 27th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Stratis (STRAX), which rose about 16%.
Stratis (STRAX) is a Bitcoin-based cryptocurrency, a BaaS (Blockchain-as-a-Service) platform that allows companies to easily build customized blockchain networks through the main Stratis blockchain and private chains.
Stratis provides hosting and consulting services for dApps, and allows other major blockchain platforms such as Ethereum (ETH), Bitshares, and Lisk to be deployed in a private manner.
◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 74 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.
The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 45.9, recording a 'neutral' state. RSI measures the relative strength of the upward and downward pressure on the price of a specific asset, indicating the degree of overbought and oversold of the asset.