Bitcoin

The extremely bullish mood is taking its toll on us again

According to data from more than 1000 social media channels related to cryptocurrencies the feeling The average public on Bitcoin rose from slightly bullish to extremely bullish in the days leading up to Thursday’s dramatic decline. This reflects the values ​​previously observed during the May and August highs.

The latest from Santiment, published in the bi-weekly newsletter from Cointelegraph Consulting, stated that short-term and long-term Bitcoin holders with a position between 15% and 63% profit had a high probability that they would withdraw the profit. To make things more worrying The refinancing rate in the Bitcoin derivatives market was at a three-month high for Bitmex, Kraken and Binance. The funding rate is the price that one party to the perpetual contracts pays the other, which helps keep the price of the contracts close to the underlying reference price. A high funding rate is a sign that long-term forecasts on the exchanges are increasing sharply, which can accelerate the frequency of mass liquidations in the event of a price correction.

In other legislative and business news from the blockchain world, they have shown this Fashion becomes a target for blockchain solutions as VeChain powers an urban clothing line and IBM partners with a textile giant. The Japanese financial giant SBI announced its Bitcoin loan service. This shows that the trend in loans from the DeFi ecosystem could reach traditional institutions.

The extremely bullish mood is taking its toll on us again
The extremely bullish mood is taking its toll on us again

Read the full version of the newsletter here for a complete overview with detailed graphics and images.

Cointelegraph’s Market Insights newsletter provides an insight into the fundamentals of the digital assets market. With market information from one of the leading analytics providers in the industry, SantimentThe newsletter covers the latest data on sentiment on social media, metrics in the chain and derivatives.

We also check out the biggest news in the industry, including mergers and acquisitions, changes in the regulatory landscape, and corporate blockchain integrations. Register now to be the first to receive this information. All previous editions of Market Insights are also available on Cointelegraph.com.

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