The present situation around Bitcoin reportedly expresses an optimistic outlook. As per CryptoQuant, a famous on-chain analytics firm, the current conditions mark it as the finest time for the long positions for Bitcoin. The platform took to its official social media account on X to provide the details of this scenario.
It’s time for futures whales to open long positions
“In the past, during such periods, #Bitcoin deposits to futures exchanges increased, and the price actually rose.” – By @mignoletkr
Full post 👇https://t.co/dtLbMJBBA0 pic.twitter.com/E3XhhrzP9G
— CryptoQuant.com (@cryptoquant_com) July 15, 2024
Bitcoin Market Statistics Signify the Finest Phase for Long Positions
In its new X post, the company mentioned that the futures whales now have the best opportunity. It added that they can capitalize on a likely market reversal. The analytics provider also noted that it discussed this in its former QuickTake SOPR study. In that analysis, the platform reportedly pointed toward a potential price-bottom development. Keeping that in view, the firm elaborated that in its latest post.
CryptoQuant revealed that BTC deposits specified for futures exchanges have been witnessing a significant rise. This denotes a development that has usually preceded price jumps, as the historical data suggests. This deposit addition signifies the preparation of the investors for a likely upswing, irrespective of the present bearish environment.
Historical Data Suggests Such Negative Funding Phases Result in Price Rallies
The funding rate emerges as a chief indicator of the sentiment in the market. It has reportedly turned negative, pointing out the expectation of a downturn by the traders. Nonetheless, this distrust may be highlighting a contrarian indicator. It has happened in the past as such negative funding phases resulted in price rallies. This entire situation suggests a fine buying opportunity to facilitate the futures whales.