Firewood is piling in the futures market, again

Firewood-is-piling-in-the-futures-market-again

📈 Supply/Demand:   All Exchanges' reserves remain at over a 3-year low. An increasing trend in Spot Exchanges including Coinbase, but the reserve is still 3-year low. Derivatives Exchanges' reserve remains at the same level. Slight increase in Fund Holdings driven by Purpose ETF.

😐 Technical Oscillators: In a weekly time frame, it seems neutral.

📈 Whale Accumulation: Whales are holding. The number of BTC being transferred to Derivatives Exchanges is still high. Small distribution from Miners.

😐 Market Sentiment: Positive sentiments are slightly stronger along with the futures investors. Open interest is still increasing and the estimated leverage ratio is reaching close to a previous all-time high level.

😐 On-chain Indicators: Both short-term and long-term holders are selling at a loss.  MVRV and NUPL indicators signal that the current Bitcoin price is reaching close to the undervalued position.  NVT Golden Cross indicator signals that the current Bitcoin price is overvalued.