Analytics Firm IntoTheBlock: CME Bitcoin Futures Price Premium Indicates Positive Sentiment Among US Crypto Investors
Analytics Firm IntoTheBlock Highlights Positive Sentiment as CME Bitcoin Futures Command Premium Among US Crypto Investors.
In an insightful analysis by IntoTheBlock, a reputable analytics firm, it is revealed that the pricing of Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures reflects a strong optimistic outlook among US-based market participants towards the cryptocurrency landscape. Lucas Outumuro, the head of research at IntoTheBlock, emphasizes that the CME BTC futures consistently maintain higher prices compared to international futures exchanges, especially since BlackRock, the world’s largest asset manager, submitted a filing for a Bitcoin exchange-traded fund (ETF) just last month.
Outumuro elaborates, “The current scenario showcases all major futures contracts, expiring at the end of the quarter, being priced at a premium in relation to spot markets. This premium has been steadily increasing, demonstrating robust optimism within the market. Typically, premiums decrease as the expiration date approaches, but in this case, they have been on the rise.”
Furthermore, IntoTheBlock’s research reveals a noteworthy surge in the CME BTC futures price premium following a groundbreaking ruling in the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. This development suggests that American investors exhibited remarkable bullishness, responding positively to the legal outcome.
Moreover, IntoTheBlock’s data uncovers a significant decline in the percentage of Bitcoin addresses experiencing losses, plummeting to a mere 20% at one point on Friday. This figure marks the lowest level since April 2022 when BTC was priced at $44,000. Additionally, the firm’s analysis indicates that a substantial 73% of Bitcoin holders are currently profiting, while approximately 6% are breaking even.
At present, Bitcoin is being traded at $30,350, providing valuable insights into the current market conditions and sentiments. The positive sentiment surrounding CME Bitcoin futures, as highlighted by IntoTheBlock’s analysis, reinforces the growing optimism and bullishness among US crypto investors.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.