Key Bitcoin and Ethereum options metrics show traders are wildly bullish

In the last few days, Bitcoin (BTC) price has underperformed Ether (ETH) by almost 20%. Even though BTC seems to be struggling to break the $18,800 barrier, both cryptocurrencies display the same bullishness according to derivatives markets data. BTC/USD and ETH/USD at Bitstamp. Source: Digital Assets Data Ether is entering a parabolic rally as its Eth2 network launch progresses, and this optimism is reflected in the options markets. Despite the lack of similar price action from BTC, Bitcoin traders seem unfazed, and data shows they are still wildly bullish. Futures…

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4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

A pullback in the price of Bitcoin (BTC) is likely, based on several on-chain data points, namely the Spent Output Profit Ratio (SOPR) indicator, stablecoin inflows, stacked sell orders at $19,000, and the Crypto and Fear Index. However, the question remains when that correction would occur. Profit-taking pullback possible with lower buy pressure The  SOPR indicator essentially gauges how profitable Bitcoin holders are at the moment. When the SOPR is high, BTC is at risk of a profit-taking pullback since traders tend to sell when they are in profit. Adjusted Bitcoin…

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3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run

Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400.  Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run. On Dec. 10 Ether price was $450, and it took only 34 days for Ether to reach its all-time high. Before this…

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3 key on-chain metrics point to a bullish reversal in Ethereum price

While Ether (ETH) price has been stuck between the $340-$350 range for the last month, multiple on-chain metrics suggest that a recovery may be building. Santiment, a cryptocurrency data analytics firm, recently noted that the number of deposits to exchanges has been decreasing since the start of September. According to the firm, the number of addresses used to send Ether to exchanges has seen a 53% decline since Sept. 1. Ether daily deposits in the last 6 months. Source: Santiment Although sell pressure on Ether has been reducing on exchanges,…

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ETH price loses ground, but network metrics say DeFi season not over yet

Ether has dropped around 30% from its 2020 high of $482 on Sept. 1 to $340 in five days. The drop in the price of Ether (ETH) and Bitcoin (BTC) was largely due to the rising dollar, which has stopped Bitcoin’s bull run in its tracks. Ether is still sitting at around $340, failing to recover its price ranges of August. As the price of Ether dropped significantly from the start of the month, several fundamental factors on the Ethereum network itself have changed. These include the movements and positions…

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Key Metrics Show Institutional Interest in Crypto Is High and Rising

The growth of the crypto derivatives market in 2020 has been a story of its own, mainly driven by Bitcoin (BTC) and Ether (ETH) options traded on exchanges such as the Chicago Mercantile Exchange, Deribit, OKEx, Binance and Houbi.  Record Bitcoin options volumes are indicative of an increasing institutional interest in crypto, but there are better quantitative and qualitative indicators to use, such as open interest, Bitcoin’s price, frequency of block trades, institutional Know Your Customer processes and others. Compared with traditional derivatives, the proportion of institutional investors in the…

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Ahead of Ethereum 2.0 Launch, 3 Key Metrics Point to ETH Price Surge

The Ethereum developer community is nearing the launch of Ethereum 2.0, a major multiyear milestone for the blockchain network. Ethereum 2.0 will mark the start of a shift from the miner-reliant proof-of-work consensus algorithm to a proof-of-stake algorithm. In a PoS system, miners are not needed to mine blocks and verify transactions. Instead, users — or stakers — verify data on the blockchain. For now, there is no specific date at hand for the release of Ethereum 2.0, according to its testnet coordinator, Afri Schoedon. “The final spec is not…

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Coin Metrics Report Shows Stablecoin Transfer Value Hit $444 Million

Blockchain analysis company Coin Metrics has found that while Bitcoin (BTC) was experiencing its biggest daily drop in the last seven years, stablecoins reaped the benefits.  Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, released their State of the Network report on March 23. The report focused on how the rest of the crypto market fared during the BTC crash two weeks ago. According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to…

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