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Futures Weekly Wrap (May 30th-Jun 5th): On the Verge of a Major Price Movement

2022-06-06 08:46

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Chart of the Week

Fewer Tokens to Sell

  • On-chain data shows that the number of Bitcoin held on known cryptocurrency exchange wallets has dropped by more than 1.33% over the past week. Roughly 33,620 BTC, worth over $1 billion, were withdrawn from trading platforms.
  • The considerable decline in Bitcoin’s balance on exchanges suggests that there are fewer tokens available to sell, which is a positive sign for short-term price action.

Bitcoin Consolidates

  • At about $29,909.90 on Sunday, Jun 5th, Bitcoin continues to consolidate within a tight price range, but it was able to print the first weekly green candle in ten weeks.
  • From a technical perspective, BTC is stuck between the $26,828.20 support level and the $32,853.80 resistance level. A decisive three-day close outside of this range can result in a significant price movement. Dropping below support could send Bitcoin to $20,732.70, while overcoming resistance could push prices to $38,531.60.
  • On Binance Futures, the BTCUSDT Long/Short Ratio has slightly risen to 2.01 on Jun 5th after hitting a low of 1.22 on Jun 1st.
  • Traders appear more optimistic about the future price action as 66.79% of all accounts with an opened position in Bitcoin are net-long.

Weekly Market Movers

* Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.
Find out more about DEFI Index and trade DEFIUSDT.

News Roundup

  • $500M Investment Fund - Binance Labs, the venture capital and incubation arm of Binance, announced the closing of a new $500 million investment fund to invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.
  • Decentralization and Interoperability - BNB Chain released the 2022 technological roadmap packed with significant updates deployed on the mainnet before the end of this year to improve interoperability, decentralization, governance mechanism, and more. (Trade BNBBUSD)
  • The Road to Proof-of-Stake - The Ropsten Beacon Chain launched as a testnet for Ethereum users. It is considered the first longstanding testnet to run through The Merge, which marks the end of the PoW architecture of Ethereum. (Trade ETHBUSD)
  • Selling Bitcoin - One of the largest publicly traded Bitcoin miners firm, Riot Blockchain, sold 250 BTC in May, raising about $7.5 million, for an implied price of roughly $30,000 each. (Trade BTCBUSD)

Highlights From This Week

Take Part in This Week’s Activities

  • Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.
  • 10 BUSD For You! - Binance Futures launched a giveaway for new users and existing users who have not traded since Feb. 22nd to earn a 10 BUSD Futures Bonus Voucher on a first-come, first-served basis.
  • Content Challenge - Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD.

Read Our Latest Blog Posts

  • 10 Most Frequently Asked Questions About Binance Futures - Crypto derivatives trading is gaining popularity worldwide. Hundreds and hundreds of traders are joining Binance Futures every day to take advantage of the opportunities that cryptocurrencies offer. With more than 29 million active users, many questions arise about how to trade on the leading crypto derivatives exchange.

Trade Our New Listings

New Updates

  • Upgrade Notice - Binance Futures completed the scheduled COIN-Margined Futures system upgrade to improve performance and stability.
  • Delisted Contracts - Binance Futures conducted automatic settlements on the TLM and ICP USDⓈ-Margined Perpetual Contracts and delisted these contract.
  • Binance API - Binance launched its new API Page, which provides an overview of all the services available to Binance API users. Users can now seamlessly access the API documentation of different Binance products and services.
* Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility.
Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.
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