The analyst pointed to a bullish sign …

Analyst Indicates Bullish Sign in Sharp Collapse in CME Bitcoin Futures Trading

The Chicago Mercantile Exchange (CME) Bitcoin futures daily trading volume fell to a year low on Friday, according to data from the Skew analytical platform. The value was $ 118 million – the lowest level since December 31, when volumes were equal to $ 112 million.

The fall came shortly after reaching a multi-month high. On February 18, the CME bitcoin futures turnover amounted to $ 1.1 billion.This is the first case of an increase in the indicator above $ 1 billion since June 27, 2019 and the third in the entire history of the instrument.

At the same time, open interest or the volume of active positions remains at a seven-month high of $ 338 million. The CoinDesk analyst notes that a drop in trading volumes with increased open interest is usually considered a sign of holding positions by investors and suggests a continuation of the previous movement. In this case, Bitcoin is up more than 50% from the lows below $ 7,000 to $ 10,500 in the six and a half weeks ending February 18..

The analyst pointed to a bullish sign ...

Activity in the Bakkt bitcoin futures market has recently declined, and open interest fell from a record high of $ 19 million to $ 10 million in just 7 days. Trading volumes hit $ 18.6 million on February 21, the lowest level since January 24.

At the time of publication on the Binance exchange, bitcoin is trading around the level of $ 9,575. The maximum of the last day was fixed at around $ 9,990, the minimum was $ 9,473. Thus, the daily rate change was more than 5%.

The analyst pointed to a bullish sign ...

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