Here's the price difference between the spot and the futures. You can see the futures is about 500 more than the spot price. Futures almost always trade at premium, and the two converge as the futures get closer to the expiration date. Not sure if that's what you meant.
And there she goes again. Was hoping she would touch the line but close enough. If she doesn't reverse soon and go back up, I have a good feeling we might go down a lot more this time. Fingers crossed.
Thanks! Finally makes sense, the $500 difference between spot and cme futures price I see a trading range on my chart $34.2k to $34.8k My guess is that we break to the upside 1-2 hours before US equities market open, same as yesterday. That's about 5-6 hours from now
I prefer scalping right now. Usually spend couple of hours in front of my pc and thats it for now. That being said, I am a new trader so I am taking it easy for now.
So that's that. Unless we get some inspiring news soon, I think we might just end up back in the 31K land.
Just saw this on TradingView. I think they just cooked that up to push up the price. Bitcoin Primed for 'Supply Shock' as Exchange Balance Drops to 5-Year Low, Analyst Says Oct 26, 2023 10:17 PDT Bitcoin's [BTC] supply has become increasingly constrained with exchange balances dropping to a five-year low and making the asset primed for a potential "supply shock," Matt Weller, global head of research at Forex.com, said in an interview with CoinDesk TV Thursday. The level of available bitcoin on crypto exchanges – liquid tokens investors can easily buy and sell – has dropped 2.3 million, its lowest reading since April 2018, Glassnode data shows. That's down from 2.6 million a year ago and 3.2 million at its peak in May 2020. Meanwhile, there's roughly 3 million tokens that haven't been moved in ten years, said Weller. That compares to the current overall supply of 19.5 million and bitcoin's maximum-ever supply of 21 million. "That's suggestive of a potential supply shock," Weller said. "With lower supply on the market, it only takes a small bump in demand to really drive prices higher at a rapid rate." Weller said that spot ETFs, unlike futures-based products, could "fundamentally alter the supply and demand picture" for bitcoin, making it available for a new set of investors. That's especially so now that bitcoin has regained its "uncorrelated asset" lure by decoupling from equities and rallying as U.S. stocks have entered correction territory, he added. "If we see just a small amount of allocation from some of those big funds on this uncorrelated or occasionally uncorrelated asset investment thesis, that could be a very bullish sign for bitcoin and the whole crypto sphere," Weller said.
In regard to the old wallets that haven't moved BTC in years, lots of speculation is that the owners simply lost their keys It is a little premature to think they all could just jump active one day and do something in unison... However, there are theories on alternate systems that could be used to UNLOCK those someday, despite the lost keys.
Another feed: Now they're threatening to sue SEC if they don't cave into their demand. Not sure if this will work, but who knows... U.S. Spot Bitcoin ETF Approval Likely As SEC Rejection Could Prompt Lawsuits, JPMorgan Says Oct 26, 202312:47 PDT JPMorgan strategists, led by Nikolaos Panigirtzoglou, feel quite certain the U.S. Securities and Exchange Commission (SEC) could face lawsuits from applicants should the regulator decide to reject spot Bitcoin exchange-traded fund (ETF) applications currently sitting on its desk. Although highly unlikely, the analysts believe a rejection of spot crypto ETFs is still possible. First Spot Bitcoin ETF Could Be Coming Soon: JPMorgan JPMorgan analysts believe the SEC will be setting itself up for legal action if it decides to deny applications for spot Bitcoin ETFs, a product yet to reach U.S. investors. “Any rejection could trigger lawsuits against SEC, creating more legal troubles for the agency,” JPMorgan said in a Wednesday research report. According to the Wall Street bank, a fresh legal tussle on the issue of spot Bitcoin ETF approval is not something that the SEC would be willing to embark on again.