Funding rates flash warning with BTC price stuck at $37,000
Bitcoin (BTC) has been hovering near $37,000, but funding rates are at their highest since November 2021, indicating potential volatility in the market. Open interest (OI) is also at multi-day highs, suggesting a squeeze in positions. Popular trader Credible Crypto predicts a potential local low of $36,600 before further upside.
CPI comes amid fresh U.S. government shutdown turmoil
The Consumer Price Index (CPI) release this week, along with other macro data prints, has the potential to disrupt the market. Inflation monitors are closely watching the CPI print for October, which could provide insights into inflationary forces. Additionally, a possible U.S. government shutdown adds to the uncertainty.
Altcoins in focus as crypto capital inflows return
With a potential ETF approval on the horizon, capital inflows into the crypto industry are increasing. Altcoin markets are showing potential, with traders and analysts noting their specific reactions in each year of Bitcoin's halving cycle. Altcoins may have already bottomed for the cycle, according to analyst CryptoCon.
GBTC discount passes two-year lows
The Grayscale Bitcoin Trust (GBTC) is approaching parity with net asset value (NAV), signaling Bitcoin's return to the mainstream spotlight. The discount to NAV is at its smallest since August 2021, indicating growing confidence in a potential ETF approval. Grayscale continues to push for the conversion of GBTC to a Bitcoin spot ETF.
Crypto investors stay greedy
The Crypto Fear & Greed Index is nearing levels last seen in November 2021, indicating that the average crypto investor is becoming increasingly greedy. Extreme levels of fear and greed can provide opportunities for those who can time and exploit market volatility. When the index is below 10/100 or above 90/100, a trend reversal is likely.
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https://trendinginthenews.com/crypto-currency/thorchain-emerges-as-third-largest-dex-with-50-surge-in-a-week
