August 2nd Futures Market Update

Bitget2024/08/02 05:02

By:Bitget

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Large Bitcoin Holders Added $5.4B in BTC in July

In a display of confidence, large bitcoin holders, often adept at timing market moves, boosted their coin stash in July at the fastest pace in years, capitalizing on the two-way price volatility.

Large holders, or addresses owning at least 0.1% of BTC's circulating supply, snapped up over 84K BTC, worth $5.4 billion at the current market price, according to data tracked by blockchain analytics firm IntoTheBlock and TradingView. That's the biggest single-month tally in BTC terms since October 2014.

The accumulation was characterized by bargain hunting during the early July price dip to under $55,000 and brief pauses in the subsequent recovery to $69,000. BTC ended July with a meager 3% gain. This strategic accumulation likely indicates a strong belief that the prolonged consolidation phase between $50,000 and $70,000 will eventually end with a bullish breakout, extending the initial rally from $16,000.

Analysts are optimistic about bitcoin's price prospects.

Source: CoinDesk

Futures Market Updates

BTC plunged, then climbed back, causing liquidations on both sides.

Bitcoin Futures Updates

Total BTC Open Interest: $34.48B (-1.13%)

BTC Volume (24H): $81.44B (+29.03%)

BTC Liquidations (24H): $48.63M (Long)/$29.44M (Short)

Long/Short Ratio: 48.60%/51.40%

Funding Rate: 0.0099%

Ether Futures Updates

Total ETH Open Interest: $14.07B (-1.96%)

ETH Volume (24H): $30.92B (+19.02%)

ETH Liquidations (24H): $51.11M (Long)/$10.79M (Short)

Long/Short Ratio: 48.58%/51.62%

Funding Rate: 0.0088%

Top 3 OI Surges

DOP1: $6.41M (+166.68%)

AMB: $14.16M (+116.27%)

L3: $7.18M (+82.09%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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