Grizzly
Bearish sentiment in the derivative market
The Taker buy/sell ratio is an appropriate indicator to evaluate sentiment in the derivative market, with values less than 1 indicating that takers fulfil more sell orders. This index had tremendous gain (shown in green) at the start of 2013, and the price eventually surpassed $31K due to an increase in optimistic sentiment. Following then, the index progressively declined and fluctuated below 1 most of the time. Prior to the last market crash in mid-August, the metric had reached its 2023 low, following which Bitcoin briefly exceeded $25,000. Currently, bearish sentiment dominates the market, and we cannot anticipate an upward trend to begin until this changes.