Wenry
Breaking through 30K? $BTC View as On-Chain
- The ratio of spot trading volume to derivatives has been declining sharply since March 26 Actual driving force behind the rise in $BTC in the first quarter of 2023 is spot, which originally had a structure in which the proportion of derivatives was higher than that of spot, but the fact that the ratio is rapidly decreasing more than necessary can be interpreted as increasing risk from the perspective of new purchases by market participants. - Estimated Level Ratio, a leverage measure of market participants, decreases → increases The rebound of the Estimated Leverate Ratio indicator indicates that 30K is the psychological resistance line, and it can be judged that some market participants are using a strategy of responding with a high leverage with a low weighting due to the change in the aforementioned situation, which limits losses, It can be understood as a strategy that can maximize profits when facing a decline.