Bitcoin futures hint at another market correction after FOMC meeting

Bitcoin perpetual futures markets are currently experiencing high funding rates, signaling a premium for long positions and further correction for spot prices, according to “Bitfinex Alpha” relationships latest edition.

Rising open interest in CME Bitcoin futures, which reached $11.4 billion as of June 4, parallels March’s all-time highs before a notable price correction. Traders appear to be taking advantage of the underlying arbitrage opportunity, shorting Bitcoin on the open market and gaining spot exposure through ETFs, with the aim of profiting from futures and spot market price discrepancies.

Image: Velo/Bitfinex

Despite 20 consecutive days of ETF inflows since May 10, potential disruptions loom with the upcoming U.S. Consumer Price Index report and U.S. Federal Open Market Committee interest rate discussions expected this week.

Last week, the price of Bitcoin fluctuated, reaching above $71,500 before correcting to local lows around $68,500. Major altcoins saw declines, with Ethereum (ETH) and Solana (SOL) down 7.5% and 12.1%, respectively.

The recent “leveraged flow” has seen significant liquidations of leveraged longs on altcoins, with Coinglass data showing Bitcoin open interest at an all-time high of $36.8 billion on June 6.

However, short-term Bitcoin holders have increased their Bitcoin activity, peaking at 3.4 million BTC in April. Long-term holders, on the other hand, are showing confidence by accumulating Bitcoin, with the idle supply for one-year holders remaining stable.

Image: Coinglass/Bitfinex

Bitcoin whales are also in an accumulation phase, with their balance reaching a new all-time high.

Therefore, although derivatives data suggests a near-term price decline, factors such as increased ETF buying activity, reduced selling pressure from long-term holders, and improved liquidity could potentially catalyze Bitcoin’s long-term upward movement.

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