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The price of Bitcoin has managed to stay afloat over the past few days despite the growing conflict in the Middle East and the ensuing bearish pressure. The premier cryptocurrency continues to hover around the $105,000 level, with its value down by merely 0.8% in the past week.
According to the latest on-chain data, the Bitcoin price might not be down for too long, as investors seem unbothered by the rising tensions between Israel and Iran. Below is what the BTC investors have been up to since the military action started in the past week.
BTC Investors Still Holding On To Their Assets: Analyst
In a Quicktake post on the CryptoQuant platform, a pseudonymous on-chain analyst, CryptoMe revealed that the Bitcoin market has remained relatively quiet despite the ongoing geopolitical events. The relevant indicators here are the Bitcoin exchange netflow and Open Interest.
To start, CryptoMe analyzed the BTC Exchange Netflow, which measures the difference between Bitcoin sent to and withdrawn from centralized exchanges. Typically, this metric helps to gauge the selling pressure on a particular cryptocurrency (Bitcoin, in this scenario).
Given that one of the services offered by exchanges is selling, exchange inflows are often considered a bearish signal for the Bitcoin price. However, CryptoMe noted that there has been no significant change in Netflow, meaning that investors are not looking to offload their assets.
The on-chain analyst also highlighted the Open Interest on centralized exchanges, which estimates the amount of capital flowing into a cryptocurrency at every given time. CryptoMe attributed the reduced Open Interest to the liquidated long positions following the price correction.
The crypto pundit added:
But when we look at the bigger picture, Open Interest still looks strong, and investors are still keeping their positions open FOR NOW despite all the WAR news.
Furthermore, CryptoMe mentioned the Bitcoin Open Interest on the Chicago Mercantile Exchange (CME), where institutions and speculators trade. The analyst noted that while some positions were closed and the Open Interest dropped after the event, there has still not been any significant exit movement on the CME.
Ultimately, the absence of major movements into centralized exchanges suggests that the investors are not in panic mode yet. While most positions on Bitcoin derivatives are still open at the moment, there is no telling what will happen if the war tension escalates further. Hence, investors might want to approach the market with caution over the next few days.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $104,760, reflecting an almost 1% decline in the past 24 hours.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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