Crypto Brief – March 11th 2021
News
Chinese social media Weibo suspends Huobi, OKEx and Binance accounts https://t.co/8XZYMF3qqA
— The Block (@TheBlock__) March 11, 2021
Here's what you need to know about NFTs, or "non-fungible tokens" https://t.co/a9lQzQ77PN
— Bloomberg Crypto (@crypto) March 11, 2021
Charts
More capital is flowing into the derivatives markets, as the amount of outstanding #Bitcoin futures contracts reaches another ATH.
Open interest across major exchanges is currently sitting at the verge of the $20B mark.
Chart: https://t.co/ygoffzMSJW pic.twitter.com/BiJIpyTKDD
— glassnode (@glassnode) March 11, 2021
Here's Bitcoin vs total global equities marketcap.
Wonder how much of that is being used mostly as an inflation hedge or store of value… pic.twitter.com/u8kQWbuIeI
— CaseBitcoin (@case4bitcoin) March 10, 2021
A lot has happened since this chart was made ~3 years ago.
I believe Bitcoin is now very close to achieving "reliable store of value" status. pic.twitter.com/VsySVEMfVX
— Yassine Elmandjra (@yassineARK) March 10, 2021
The ratio of spot/futures vols is an indicator of instit. + L-T investor involvement (futures tend to be used for more S-T positions). This chart shows that the rise of investor interest in H2 '20 continued into Q1 '21, but is starting to trail off relative to trading interest. pic.twitter.com/wiVFWXNkUN
— CoinDesk Research (@CoinDeskData) March 10, 2021
Analysis
Will Bitcoin crash? Not below $48k, blockchain data suggests.
Read it in Spanish: ¿Caerá el precio de bitcoin? No por debajo de $48.000, según este estudio.
By @MuyaoShen via @andresengler https://t.co/dS4rGf2hJ7
— CoinDesk (@CoinDesk) March 10, 2021
Ethereum miners are “natural sellers” of ETH, but according to @CoinMetrics, suspicions that they are responsible for market volatility are baseless, since they typically account for a tiny amount of exchange inflows. https://t.co/KqFWmQEKGV pic.twitter.com/dW7eTRRevO
— CoinDesk Research (@CoinDeskData) March 10, 2021
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