Source: VeloThis view can be interpreted by the chart above, showing open interest rising hour-over-hour, along with an abrupt spike in the funding rate as short positions opened and longs were liquidated. Spot purchasing played a significant role in last week’s Bitcoin price rally, and the May 12 announcement from Strategy and spot BTC ETF inflows of the past 7 days raises more immediate concerns of whether the type of buying appetite seen since late April will spill over into another week. Spot Bitcoin ETF net inflows (weekly).
From a trader's point of view, a portion of the selling could be possible derisking ahead of the May 13 Consumer Price Index (CPI) inflation report, along with the view that the Trump trade deal with China is now priced in after BTC failed to rally and hold above $104,000 on such momentous news. BTC/USD spot and futures CVD.Source: TRDR.io Leading into the trade war news, the US Dollar Index (DXY) rallied and stock indexes soared.
The month of April followed a similar trajectory to today, where frequent Bitcoin treasury creation announcements were made by an assortment of US-based and international companies. Related: US real estate asset manager launches $100M tokenized fund with institutional backingProfit taking and de-risking drive the current Bitcoin price correctionWhile Bitcoin's mass adoption appears to be accelerating, data from Glassnode suggests that BTC price could be in for a brief period of consolidation after gaining 9% in the last week.
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