🚀 Bull Run imminent ? Ethereum breaks records in the Futures market
Welcome to the Daily Tribune of Friday, November 29, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, November 29, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
🔥 Ethereum: Futures on fire
The Ethereum futures market has reached an all-time high, with an open interest of 22 billion dollars, marking a 23% increase in one month. Binance, Bybit, and OKX account for 60% of this activity, but the rise of CME to 2.5 billion dollars highlights the growing commitment of institutional investors. Despite an annualized premium of 17% on the two-month contracts, which indicates measured optimism, these figures do not guarantee a bullish recovery. Complex strategies like “cash and carry” or expiration arbitrage dominate, sometimes masking neutral or bearish positions.
Retail investors, often exposed to high leverage, are experiencing significant liquidations, with 163 million dollars in long positions recently liquidated. The market remains cautious, with a perpetual funding rate stable at 2.1% per month, reflecting limited confidence. However, breaking key resistances between 4,000 and 6,000 dollars could propel ETH to ambitious levels, up to 10,000 dollars.
💥 Novices undermine Bitcoin
As Bitcoin reaches peaks close to 100,000 dollars, novice investors cause a record profit-taking, with 2 billion dollars cashed in one day. About 35% of recent sales come from coins held for less than a year, highlighting the distinction between new investors and more experienced "diamond hands," who prefer to wait for a stronger rise.
Massive outflows from Bitcoin ETFs, reaching 550 million dollars in two days, also reflect a bearish dynamic. MicroStrategy, which holds a significant reserve of BTC, sees a 35% drop in stock over four days, exacerbating market volatility. While some hope for a bullish recovery, caution prevails in the face of an 8% correction in BTC in recent days, leaving traders on alert to interpret upcoming movements.
🚀 Trezor: Record rise in a bubbling market
As Bitcoin flirts with 100,000 dollars, Trezor, a manufacturer of crypto hardware wallets, records a 600% increase in its weekly sales, with a historical record on November 22, 2024. This spike in demand can be attributed to a massive migration of funds from centralized exchanges, driven by recent cyberattacks and the willingness of investors to secure their assets through self-custody.
The American regulatory environment, transitioning towards a framework more favorable to cryptos, reinforces this dynamic, attracting individuals and institutions. In the face of this explosive growth, competitors like Ledger are ramping up their promotions to maintain their market share. This trend underscores a crucial evolution in the crypto ecosystem: security and autonomy are becoming top priorities for investors.
🏦 Bitcoin: Institutions reshape the game
With Bitcoin oscillating around 95,000 dollars, institutions are redefining market dynamics. Institutional investors have accumulated 130,000 BTC since October, while individuals reduced their positions by 41,000 BTC. This bullish cycle marks a break from 2017 and 2021, where 90% of positions were held by individuals. This institutional transition suggests that the market has not yet reached its peak.
CryptoQuant forecasts a theoretical target of 146,000 dollars for this cycle, with a potential correction of 30% that could further enhance institutional accumulation. This structural change could stabilize Bitcoin and reduce its volatility, but raises questions about the market's ability to grow without massive adoption.
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Crypto of the day: Render Network (RENDER)
Render Network stands out for its innovation in decentralized computing, leveraging GPU power via a peer-to-peer network. This approach allows artists, developers, and researchers to access 3D rendering capacity, machine learning, and generative AI at an unprecedented scale.
The native crypto, RENDER, plays a central role as a means of payment in the ecosystem, rewarding node operators for their computing power.
Initially distributed through tokenomics programs and strategic partnerships, it offers holders benefits such as reduced fees, participatory governance, and access to premium services on the network. RENDER can be used to rent GPU resources, collaborate on creative projects, and integrate blockchain solutions into Web3 applications.
Recent Performance
Current price: 8.76 €
Increase in 24h: +7.48 %
Market capitalization: 4.536 billion €
CoinMarketCap Rank: 36
Bitcoin at a turning point: A correction before a new thrust?
Bitcoin is currently in a critical phase.
The breach of the 95,000 dollar threshold that occurred the day before yesterday has led to a test of the 100-day exponential moving average, although on-chain signals remain positive. The low level of "days of value destruction" shows that long-term investors are holding their positions, a generally bullish indicator.
While some analysts, like Javon Marks, project a potential rise to 113,386 dollars, others, like Horse, anticipate a possible retest in the 82,000-88,500 dollar range. A divergence of opinions that underscores the expected volatility in the short term.
Moreover, the Thanksgiving period exerts historical pressure on Bitcoin, as this holiday is often associated with temporary declines, followed by rallies in December. Charles Edwards notes a recurring pattern where Thanksgiving Thursdays turn out to be unfavorable for the market.
A close above 95,000 dollars could signal a bullish recovery, but a failure could precipitate a test towards 90,000 dollars. If Bitcoin's fundamentals remain solid, the next 24 hours will be crucial in defining the short term, offering opportunities for bold investors.
🔗 Read the full analysis here.
