Bitcoin fell back below the 34,900 level this morning after failing to hold the $35,000 level that has been consolidating above since the weekend.
As for Ethereum, it is still trying to consolidate near the highest levels since last July, near the $1890 level. Solana is also trying to maintain its previous gains that took it to a level above $41, which also represents the highest levels in more than a year.
These sideway trading comes in the absence of market-moving catalysts. While the absence of real positive developments may keep levels above $35,000 for bitcoin exaggerated and push sellers to rush.
According to data provided by CoinGlass, over the past two days we have witnessed liquidations of more than $26 million for long positions, compared to less than $20 million for short positions. It seems that buyers are not ready to take risks and bet on levels above 36,000 at the moment.
In contrast, and also according to CoinGlass, futures markets show a slightly different story. Open interests for bitcoin futures are heading to a new high not seen since May 2022, with about $15.22 billion.
It seems that this increase in futures positions, despite the relative stability of prices, hides behind investors’ anticipation of more momentum in this future, with anticipation of the approval of the launch of spot bitcoin exchange-traded funds (ETFs) in the United States.
In addition, crypto-related products recorded more positive net inflows for the sixth week in a row, according to data provided by CoinShares. These products recorded net inflows of approximately $261 million during the past week.
While net positive flows have reached more than $840 million since the beginning of this year, which represents those flows that we witnessed before the end of the bullish trend in the crypto market in late 2021.
While these flows may be attributed to positive sentiment around the possibility of launching spot bitcoin ETFs at a time when What next year.
As usual, bitcoin accounted for the largest share of net flows last week, with about $229 million, thus recording about $842 million of positive net flows since the beginning of the year.
As for Ethereum, it was able to record positive net inflows last week with more than 17 million dollars, thus reducing the net outflows to about 107 million dollars.
Ethereum was also able to surpass Solana in terms of net flows, as the latter recorded net flows of about $10 million during the past week, recording more than $100 million since the beginning of the year, topping altcoins and strengthening its position as one of Ethereum’s most prominent competitors.
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