30s Summary

Since mid-November, Bitcoin (BTC) has consistently been around the $91,000 mark, demonstrating an ongoing belief in its market uptrend. Increased demands for BTC have been made by companies such as MicroStrategy, which recently bought an additional 51,780 Bitcoin. Enthusiasm for BTC could be further affected by early adopters of Bitcoin Exchange-Traded Funds (ETFs). Sentiments from Bitcoin futures and margin markets show a confident bullish stance on BTC. Despite recent minor price dips, interest in Bitcoin remains strong, largely due to investor activity from MicroStrategy.

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Since November 12th, Bitcoin, also known as BTC, has been hovering around the $91,000 mark. This isn’t necessarily a bad thing, since it shows that traders are still betting on the uptrend in the market. The fact that several attempts have been made to push the price about $92,000 also shows a high demand for Bitcoin, especially since the company MicroStrategy has been buying up a lot of BTC.

In the last four months, the options skew for BTC, which is basically traders’ predictions of whether the price will go up or down, has fallen. This indicates that there’s low demand for selling options, suggesting that traders believe Bitcoin will continue to rise and stay above the $87,000 mark. Take into account that this doesn’t guarantee that the bull trend will continue. For a clearer insight, it’s best to consider factors like if MicroStrategy’s purchases are driving the surge in Bitcoin’s price.

Many believe that MicroStrategy is the one driving the recent Bitcoin bull run. On November 18th, they announced the purchase of 51,780 more Bitcoin, bringing their total possession to over $29 billion. Add to this the plan to rack up $21 billion from selling shares and you could say they’re really banking on Bitcoin.

But BTC’s chances of continuing to rise could depend more on early adopters of Bitcoin exchange-traded funds (ETFs). Increased interest from groups like big pension funds and large hedge fund managers could really tip the scales in favor of Bitcoin. Despite this, numbers from November 14th and 15th reveal that $771 million was taken out of ETFs, reflecting a decision by investors to cash in on the recent surge.

A closer look into Bitcoin futures and margin markets can help decipher how traders are positioning themselves. When more people want to buy Bitcoin futures, it shows positive sentiment. If they’re using price hedging, though, it shows they’re not too confident in Bitcoin’s price momentum.

On November 18th, the Bitcoin 2-month futures premium surged to 17%, well above the neutral range of 5-10%. We haven’t seen such positivity since the end of March, when Bitcoin managed to withstand two weeks of downward pressure and stay above $64,000.

As for the margin market, it’s a place where traders can either borrow stable coins to buy Bitcoin or borrow Bitcoin to bet on a price decline, depending on whether they are bullish or bearish. At the moment, the bull camp, or those who believe Bitcoin will rise, holds a strong advantage at OKX with a ratio of 14 to 1.

All these suggest Bitcoin has strong momentum despite most buy-side activity coming from MicroStrategy. This sentiment is reinforced by the fact that the recent retest of the $88,700 level on November 17th had little effect, indicating investors are not easily spooked by minor price dips.