{"id":56907,"date":"2019-09-25T01:14:03","date_gmt":"2019-09-24T23:14:03","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56907"},"modified":"2019-09-25T01:14:03","modified_gmt":"2019-09-24T23:14:03","slug":"instutional-bitcoin-wanes-btc-10000-price","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/instutional-bitcoin-wanes-btc-10000-price\/","title":{"rendered":"Institutional Bitcoin Interest Wanes as BTC Price Falls Under $10,000"},"content":{"rendered":"<h2><strong>Institutions Put a Pause on Bitcoin Trading<\/strong><\/h2>\n<p>Sorry bulls, <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/bitcoin-news\/\">Bitcoin<\/a> bears are taking the helm of the cryptocurrency market for now. In the past 24 hours, the BTC price has shed some $400, with the leading digital asset falling all the way to $9,500.<\/p>\n<p>With this, coupled with the lull that the cryptocurrency market has seen over recent weeks, the Chicago Mercantile Exchange&#8217;s BTC futures contracts have begun to see investment demand seemingly evaporate.<\/p>\n<p>In fact, as cryptocurrency data provider Skew Markets <a href=\"https:\/\/twitter.com\/skew_markets\/status\/1176403975689711616\" rel=\"nofollow noopener\">notes<\/a>, daily volume for the CME&#8217;s Bitcoin markets has fallen to some $300 million \u2014 a far cry from the $1.6 billion all-time high seen in June. Also, during this same time span, open interest in these BTC contracts has collapsed from $380 million to $200 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&gt; 50% of CME bitcoin futures open interest set to expire this Friday<\/p>\n<p>Institutions&#39; interest peaked at the June expiry when Libra was making the headlines <a href=\"https:\/\/t.co\/u5zZ7XJsWg\" rel=\"nofollow\">pic.twitter.com\/u5zZ7XJsWg<\/a><\/p>\n<p>&mdash; skew (@skewdotcom) <a href=\"https:\/\/twitter.com\/skewdotcom\/status\/1176403975689711616?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The lull in the CME&#8217;s Bitcoin futures seems to be a result of the lack of volatility (save for today&#8217;s blip) and volume in the overall cryptocurrency market. However, it could also be deemed a bearish sign for BTC.<\/p>\n<h2><strong>A Bearish Signal<\/strong><\/h2>\n<p>You see, institutions have been widely touted as the main group of investors behind 2019&#8217;s rally, despite the narrative that cryptocurrency is once again going &#8220;mainstream&#8221;.<\/p>\n<p>Bloomberg, citing data from blockchain analytics firm TokenAnalyst, has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-05\/fewer-people-are-sending-bitcoin-to-largest-crypto-exchanges\" rel=\"nofollow noopener\">confirmed<\/a> that fewer retail traders have been involved in this rally than in 2017.\u00a0The number of addresses using Bitfinex has reached a two-year low; Binance has seen incoming BTC transactions fall to early-2018 levels. Sid Shekhar, the co-founder of TokenAnalyst, said the following on the statistics:<\/p>\n<blockquote><p>\u201c[The low number of incoming transactions suggests a] lack of retail interest in general currently in crypto. If we go by the \u2018Bitcoin as safe haven in times of recession\u2019 narrative, the number of new users\/buyers should actually be increasing.\u201d<\/p><\/blockquote>\n<p>Google Trends data corroborates this analysis. Below is a chart outlining search interest for the term \u201cBitcoin\u201d from the start of 2017 to now. In it, you can clearly see that interest in the leading cryptocurrency spiked in late-2017, when Bitcoin started to reach levels where it is currently trading now.<\/p>\n<p><img class=\"aligncenter\" src=\"https:\/\/blockonomi-9fcd.kxcdn.com\/wp-content\/uploads\/2019\/09\/Bitcoin-google-trends.jpg\" alt=\"\" title=\"\"><\/p>\n<p>The idea here: the fact that search interest for \u201cBitcoin\u201d is still sitting at bear market levels implies that only investors that already know about this market are investing in crypto.<\/p>\n<p>And more likely than not, especially considering that Bitcoin\u2019s trading volume has entered the dozens of billions this year, those remaining trading cryptocurrencies are the diehards and institutions.<\/p>\n<p>A further lack of activity in CME markets may imply that institutions are currently not excited about cryptocurrency, and are thus keeping from siphoning capital into this space.<\/p>\n<pre>Title Image Courtesy of Unsplash.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Institutions Put a Pause on Bitcoin Trading Sorry bulls, Bitcoin bears are taking the helm of the cryptocurrency market for now. In the past 24 hours, the BTC price has shed some $400, with the leading digital asset falling all the way to $9,500. With this, coupled with the lull that the cryptocurrency market has seen over recent weeks, the Chicago Mercantile Exchange&#8217;s BTC futures contracts have begun to see investment demand seemingly evaporate. In fact, as cryptocurrency data provider [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":56684,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,17],"tags":[6971,6964,912,333,162],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56907"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=56907"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56684"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=56907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=56907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=56907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}