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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

November 17, 2020
It’s a Hodler’s delight. Bitcoin prices appear to be on a never ending journey north. Today, we have again printed a new yearly high, with resistance at $17,130 acting as a break on prices. Bitcoin is a peculiar asset — its transparency allows us to report crazy facts, like: 99.46% of all Bitcoin transactions are in profit.

If you knew 10,000 people who owned Bitcoin, you could phone all of them and congratulate them on their success! Only 54 would tell you to call back next week…

Thing is, you don’t know 10,000 people who own Bitcoin, you probably only know a handful and they will all say the same thing: “I don’t own enough.”

This is in part why we keep seeing the open interest in Bitcoin derivatives climbing. Scarcity of the underlying asset is finally being understood by those with big computers and deep pockets. Open Interest on the CME will likely pass the $1B barrier today. The last time Bitcoin was at these levels, the creation of the CME Bitcoin contract was in part blamed for the price decline that followed.

Today, the CME Bitcoin future accounts for 15% of the total open interest in the market, and with institutions clearly using the CME to acquire an exposure to the price of Bitcoin, it would seem the story has come full circle.

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