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Highlights
- Crypto market showing early signs of recovery global market cap jumps to $2.43 trillion.
- Bitcoin price rebounds above $66,500 and ETH above $3200 with no buying from whales.
- Buying interest remains higher from derivatives traders.
- DXY and US treasury yield rises 6-month high.
Crypto market is showing signs of recovery as the global market cap increased from a low of $2.21 trillion during the crypto crash to $2.43 trillion today. Traders and investors took “buy the dip” opportunity but still remain cautious due to rising volatility and uncertainty in response to Bitcoin halving and Iran-Israel tensions.
BTC price also surpassed $66,500 witnessing an over 4% upside move on Monday. Bitcoin still trades under pressure due to low trading volumes and not much buying by whales. CoinGlass data reveals USDT Margin interest rate on Binance has even hit a new low since October last year.
Ethereum price has also rebounded higher, witnessing a nearly 7% jump in prices. The price is currently trading at $3,257, with a 24-hour high of $3,267. However, the trading volumes are down 35%.
The recent increase in Bitcoin and Ethereum prices is attributed to Hong Kong’s Securities and Futures Commission (SFC) approving spot Bitcoin ETF and spot Ethereum ETF applications. Ethereum price is specifically rising due to first spot Ethereum ETF. The U.S. SEC is yet to approve ETH ETF amid concerns about investigations into Ethereum Foundation and investor protection.
Altcoins such as Solana (SOL), XRP, Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and others have also rebounded higher witnessing 5-10% gains in the last 24 hours. Altcoins leverage has been completely wiped out and funding rates turned negative.
Also Read: Solana Releases v1.17.31 Mainnet Update to Fix Congestion, Price & OI Jumps
Whales Are Not Buying Bitcoin
Despite some altcoins witnessing whale accumulation, Bitcoin is yet to see the buying from whales. As per on-chain by IntoTheBlock, the concentration of large holders is now just 11%. This includes addresses that hold 0.1% to 1% of Bitcoin circulating supply. Thus, crypto market recovery hasn’t been confirmed yet.
Moreover, a CryptoQuant analyst revealed that BTC price is above short-term holders (STH) whales’ realized price. This indicates strong demand for Bitcoin, while also highlighting the greater returns of long-term investment.
What’s Causing the Crypto Market Recovery
The buying is actually coming from derivatives traders, as per CoinGlass data. Total BTC futures open interest increased by more than 3% in the last 24 hours and total ETH futures open interest grew by over 4%. CME Bitcoin Futures OI jumped 4%.
Meanwhile, the US dollar index (DXY) has climbed above 106.10, the highest level since October, and the US 10-year Treasury yield jumped to a 6-month high of 4.6. As Bitcoin moves opposite to DXY and Treasury yields, the pressure still growing.
Also Read: Germany’s Biggest Federal Bank Partners Bitpanda To Offer Crypto Custody
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