The present day 99% index is slightly bearish, and shows vulnerable demand from crypto merchants to convert money into stablecoins – nonetheless a big enchancment from the 5% discount in mid-October.
Meanwhile, total open hobby in cryptocurrency futures was negatively affected via the average charge decline. However, this move used to be to be predicted considering that the average market capitalization declined and $2.7 billion was once liquidated during the week.
Despite this, the index remained at a wholesome degree of $50.3 billion, which is 60% greater than it was once two months ago. It is well worth noting that decrease open activity is not always bearish, but maintaining a positive level is interesting as greater liquidity vendors and market makers enter the market.
The above statistics might also no longer look encouraging, however given that Bitcoin and Ethereum (ETH) suffered tremendous losses this week, the standard market structure has remained well. Those having a bet on “altcoin season” might be disappointed, however at least there weren’t usual losses of 15% or higher.
