ຂໍ້ມູນສະແດງໃຫ້ເຫັນວ່າພໍ່ຄ້າມີທ່າອ່ຽງເລັກນ້ອຍເຖິງແມ່ນວ່າມູນຄ່າຕະຫຼາດທັງຫມົດຂອງ crypto ຫຼຸດລົງພາຍໃຕ້ $ 800B

The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020. 

ລາຄາຂອງ Bitcoin (BTC) dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now focused on the Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.

Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, ຢຸດຕິການຖອນຕົວໃນວັນທີ 16 ພະຈິກ. In its latest quarterly report, the crypto derivatives and lending trading firm stated that it has $2.8 billion worth of active loans. The fund administrator, Grayscale, is a subsidiary of DCG, and Genesis acted as a liquidity provider.

The 5% weekly drop in total market capitalization was mostly impacted by Ether’s (ETH) 8.5% negative price move. Still, the bearish sentiment had a larger effect on altcoins, with nine of the top 80 coins losing 12% or more in the period.

Litecoin (LTC) gained 5.6% after dormant addresses in the network for one year surpassed 60 million coins.

Near Protocol’s NEAR (ໃກ້) dropped 23% due to concerns about the 17 million tokens held by FTX and Alameda, which backed Near Foundation in March 2022.

Decentraland’s MANA (MANA) lost 15% and Ethereum Classic (ETC) another 13.5% as both projects had considerable investments from Digital Currency Group, controller of the troubled Genesis Trading.

Balanced leverage demand between bulls and bears

ສັນຍາຕະຫຼອດໄປ, ເຊິ່ງເອີ້ນກັນວ່າ ການແລກປ່ຽນແບບປີ້ນກັບ, ມີອັດຕາການຝັງຕົວໂດຍປົກກະຕິຄິດຄ່າບໍລິການທຸກໆແປດຊົ່ວໂມງ. ການແລກປ່ຽນໃຊ້ຄ່າທໍານຽມນີ້ເພື່ອຫຼີກເວັ້ນການບໍ່ສົມດຸນຄວາມສ່ຽງຂອງການແລກປ່ຽນ.

ອັດຕາເງິນທຶນໃນທາງບວກຊີ້ໃຫ້ເຫັນວ່າຜູ້ຊື້ (ຜູ້ຊື້) ຕ້ອງການຄວາມແຮງຫຼາຍຂຶ້ນ. ຢ່າງໃດກໍຕາມ, ສະຖານະການກົງກັນຂ້າມເກີດຂຶ້ນໃນເວລາທີ່ສັ້ນ (ຜູ້ຂາຍ) ຕ້ອງການ leverage ເພີ່ມເຕີມ, ເຮັດໃຫ້ອັດຕາເງິນທຶນຫັນເປັນລົບ.

The seven-day funding rate was slightly negative for Bitcoin, so the data points to excessive demand for shorts (sellers). Still, a 0.20% weekly cost to maintain bearish positions is not worrisome. Moreover, the remaining altcoins — apart from Solana’s SOL (SOL) — presented mixed numbers, indicating a balanced demand between longs (buyers) and shorts.

ພໍ່ຄ້າຄວນວິເຄາະຕະຫຼາດທາງເລືອກເພື່ອເຂົ້າໃຈວ່າ whales ແລະ arbitrage desks ໄດ້ວາງເດີມພັນທີ່ສູງຂຶ້ນໃນຍຸດທະສາດທີ່ມີທ່າອ່ຽງຫຼືຫຼຸດລົງ.

ທາງເລືອກໃນການວາງ / ໂທຫາອັດຕາສ່ວນສະແດງໃຫ້ເຫັນເຖິງ bullishness ປານກາງ

ພໍ່ຄ້າສາມາດວັດແທກຄວາມຮູ້ສຶກໂດຍລວມຂອງຕະຫຼາດໂດຍການວັດແທກວ່າກິດຈະກໍາຫຼາຍແມ່ນຜ່ານທາງເລືອກການໂທ (ຊື້) ຫຼືວາງ (ຂາຍ) ທາງເລືອກ. ໂດຍທົ່ວໄປແລ້ວ, ທາງເລືອກການໂທແມ່ນໃຊ້ສໍາລັບຍຸດທະສາດທີ່ມີທ່າອ່ຽງ, ໃນຂະນະທີ່ທາງເລືອກທີ່ວາງໄວ້ແມ່ນສໍາລັບສິ່ງທີ່ຫຼຸດລົງ.

A 0.70 put-to-call ratio indicates that put options’ open interest lags the more bullish calls by 30% and is therefore bullish. In contrast, a 1.20 indicator favors put options by 20%, which can be deemed bearish.

Even though Bitcoin’s price broke below $16,000 on Nov. 20, investors did not rush for downside protection using options. As a result, the put-to-call ratio remained steady near 0.54. Furthermore, the Bitcoin options market remains more strongly populated by neutral-to-bearish strategies, as the current level favoring buy options (calls) indicates.

Derivatives data shows investors’ resilience considering the absence of excessive demand for bearish bets according to the futures funding rate and the neutral-to-bullish options open interest. Consequently, the odds are favorable for those betting that the $800 billion market capitalization support will display strength.