Stock trading volume on Hyperliquid once again surpassed Bitcoin, while spot Bitcoin ETFs recorded net outflows of $1.043 billion over the last three trading sessions.
Glassnode noted that the ratio of stock trading volume to Bitcoin reached a similar high in August, before BTC’s rally. However, supply and transaction indicators currently point to a market sensitive to short-term volatility.
Source: Glassnode
KEY CONTENT
The share of Bitcoin supply held by short-term holders relative to long-term holders is increasing.
The share of supply in profit is declining but has not fallen below the lower band of the Glassnode indicator.
The $64,000–$74,000 price range has low trading volume and could offer limited support if BTC falls.
Stock trading volume on Hyperliquid surpasses Bitcoin
Stock trading volume on Hyperliquid has surpassed Bitcoin’s as crypto traders turn to a declining stock market.
The last time the ratio of stock trading volume to Bitcoin trading volume reached a similar high was in August, before BTC rose from $63,000 to $87,000. Previous price action alone is not enough to determine whether the price will repeat that rally.
Indicator or price level Value and context BTC rally after August From $63,000 to $87,000 Spot Bitcoin ETF flows Net outflows of $1.043 billion over the last three trading sessions Coinbase Premium -0.135% Net taker volume delta in the futures market -75,000 BTC on November 5; -13,142 BTC on November 9 200-day moving average $73,193; BTC price is only slightly above it Low-volume price range $64,000–$74,000
Bitcoin supply signals a cooling market
The share of Bitcoin supply held by short-term holders relative to long-term holders is above the upper band and has risen from last week. This indicates that short-term holders account for a larger share of the supply.
Source: Glassnode
BTC held by short-term holders typically has only a small unrealized profit and tends to be moved before the market comes under pressure. As a result, an increase in this group’s share could make the market more sensitive to short-term price fluctuations.
Source: Glassnode
Glassnode’s Market Pulse report also noted that the share of supply in profit is declining, but has not fallen below the indicator’s lower band. By this measure, the market is still in a cooling phase and has not entered capitulation. A shrinking share of supply in profit may also reduce profit-taking pressure.
Coinbase price premium and selling pressure in the futures market
The Coinbase Premium is at -0.135%, indicating that Bitcoin is trading at a lower price on Coinbase than on Binance. A negative reading is seen as a sign of weak interest in BTC among U.S. investors.
Source: Axel Adler Jr. Insights
The negative spread was larger in late October as selling pressure increased. The Coinbase Premium was also below zero when the August rally began.
Source: Axel Adler Jr. Insights
According to analyst Axel Adler Jr., the net taker volume delta in the futures market narrowed from -75,000 BTC on November 5 to -13,142 BTC on November 9. Even so, market signals are not as positive as they were a few weeks ago.
The $64,000–$74,000 range could offer limited support
The $64,000–$74,000 range has low trading volume because Bitcoin moved quickly through this area in August. This price range could offer limited support if BTC falls again.
Bitcoin is above the 200-day moving average at $73,193, but not by much. Price action around the moving average and the low-volume range are levels to watch.
Summary
Stock trading volume on Hyperliquid has surpassed Bitcoin’s as funds flow out of spot Bitcoin ETFs. Supply indicators suggest the market is cooling, while the $64,000–$74,000 range could offer limited support if BTC prices decline.
Source: https://tintucbitcoin.com/bitcoin-gan-vung-thanh-khoan-mong-btc-se-cham-64-000-usd/
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