- CryptoQuant analysts revealed that the BTC futures market is declining.
- There is a bullish outlook as the BTC sent from spot to derivatives exchanges dropped.
- The crypto market has stagnated for days, with BTC trading at $19,150 and $19,500.
CryptoQuant, an on-chain data analytics portal, has published a post stating that the selling pressure of the Bitcoin (BTC) futures market has constantly been declining lately.
The outlet noted that since the beginning of this month, the amount BTC traders moved from the crypto spot exchanges to the derivatives exchange has sharply reduced, signaling a possible bullish outlook.
Although back in June, when prices collapsed, traders steadily moved more funds to derivative exchanges. CryptoQuant said that since Bitcoin has not broken the June low of $17,600, and the trend is reversing, there is a lessening likelihood of intense selling pressure.
Traditionally, futures trading appears more appealing to BTC traders than spot trading due to the considerable leverage ratio. Yet the selling pressure in the futures market is lowering, according to the report.
Nonetheless, Dan Lim, a CryptoQuant analyst, believes that “it is still too early to give up hopes for a year-end uptrend.” According to him, most people will refute a bull perspective analysis because of what the Macro data suggests.
Meanwhile, the crypto market has been pretty stagnant for the past few days as the most popular cryptocurrency. Bitcoin has been fluctuating between the $19,150 and $19,500 price points. In addition, Ethereum (ETH) crossed the $1,300 price point in the last 24 hours, gaining 3% value.
Moreover, among the top ten cryptos, Cardano (ADA) and Ripple (XRP) have been the worst-performing coins in the previous seven days with over 10% price drop. Notably, none of the top cryptocurrencies attained a positive price value in the last seven days.
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