Matrixport: Nearly 20% of Market Positions Liquidated, Bitcoin Fails to Demonstrate Hedging Characteristics
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Bitcoin Faces Halving, ETF Cooling, and War
Matrixport: Bitcoin Fails to Play its Hedging Function
Bitcoin Faces Halving, ETF Cooling, and War
Bitcoin hit a low of $60,000 on April 13th and was around $62,840 at the time of writing, with a decline of about -11.67% since April.
The decline occurred primarily during the Iran’s attack on Israel, but Bitcoin has also been facing instability factors such as a decrease in spot ETF inflows and the upcoming halving, which has prevented it from stabilizing above $70,000.
Recent related news includes:
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Bitcoin Price Plunges to $60K due to Iran’s Drone Attack
Israel’s Failure to Retaliate Against Iran Temporarily Eases Market Concerns, Bitcoin Returns to $65K
Bitcoin Drops to $66K, Market Liquidation Reaches $900 Million! Analysts Say Miners Sold $500 Million Worth of Inventory, Expecting a Slump in the Next Six Months
BTC/USDT Daily Chart | OKX
Matrixport: Bitcoin Fails to Play its Hedging Function
Matrixport also tweeted that with the increase in geopolitical risks over the weekend, Bitcoin’s price experienced a significant drop, resulting in a $2 billion decrease in open contracts. Since reaching a peak of $20 billion on April 9th, nearly 20% of positions have been closed, and the current total open contract value is around $16.7 billion.
Matrixport believes that Bitcoin has not played the role of a hedging asset as expected by most people.
In comparison, gold reached a historic high of $2,431.78 on April 12th.
Previously, Matrixport analyst 10x Research stated that Bitcoin had successfully broken out of a triangle pattern and believed that the target price would reach $83,000 within a few weeks, but it seems difficult to achieve at the moment.
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Bitcoin Approaching Historical High, 10x Research Analyst: Target Price of $83,000
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Further Reading
Grayscale CEO: GBTC Net Outflows Gradually Balancing, Expecting Fee Reduction
10x Research: Stablecoin Inflows Replace ETFs as Upside Momentum; ENA Expected to Reach $5
