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Macro to Crypto - 5.8.24 - Taiamã Demaman 3/3

1 - Macro 2 - Cryptocurrency Market Analysis - Consolidation Phase 3 - Short-term Market Monitoring - Future Markets and Liquidations <-

The futures markets and indicators for:

  • Long/short: refers to the position of traders in the cryptocurrency market;
  • Open interest: the total number of futures or options contracts open in a particular asset;
  • Cumulative Volume delta or Buy/Sell in the SPOT market: measures the flow of money entering or leaving a digital asset based on the difference between buy and sell volumes over a certain period. It can be used to assess market sentiment and identify possible short-term trends.

As the chart shows, these indicators are in transition as we are currently outside the critical decision-making areas. In the upper range, between $67k and $71k, and in the lower range, between $58.2k and $60.16k.

Long-term Liquidation Maps

Now, opening the long-term liquidation maps in Kingfisher, we observe the end of a change in the general direction of the market, with the bottom at $42,000 and the top above $110,000.

Bitcoin ETFs - US and HK

After a start with many sales on May 1st on US ETFs (IMG2), institutional investors have already zeroed out half a million dollars in sales. Today, we record a total positive balance of $11.78 billion, with two consecutive days of positive volumes from Grayscale, which has accumulated over $17 billion in sold bitcoins, finally relieving the negative pressure.

Out of curiosity, we note that Hong Kong ETFs (IMG3) started with an accumulated amount of $292 million and then lost traction. It is expected that they may replicate the movement of American ETFs after macroeconomic clarity from monetary agents.

Wrapping it all up 📊

In summary, we are in a zone of strong accumulation and general market change. Prices indicate the possibility of a retest at $60,000, with liquidations expected up to $56,000 down and $66,500 up. The Wyckoff modeling continues to guide, aligned with the on-chain reserve reset, ETF restart, and macroeconomic moment that should become clear in the next four weeks. Show Less

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