Bitcoin visits $57K for the first time since May

12 Oct 2021

SGT 0815
📈 BTC | $56,874 (+$2,237, +4.1%)
📈 ETH | $3,497 (+$91, +2.7%)
📉 XRP | $1.12 (-$0.02, -1.6%)
📈 LTC | $177 (+$2, +1.1%)

🚂 Bitcoin rose past $57K yesterday for the first time since May, with the number of active entities (number of network participants) similarly rising as well. Median Bitcoin transaction sizes have also risen sharply, and is currently holding around 1.3BTC.

💪 Long-term holders (155 days and longer) are now also holding 13.3 million Bitcoin, an increase of +2.37 million BTC over the past seven months. By comparison, only around 186K BTC has been mined in the same period of time, meaning that the overall circulating supply of BTC has been dwindling.

🚨 Leverage in cryptocurrency markets is also rising, with open interest (around $18 billion) and perpetual swap rates continuing to rise from lows in May. Futures funding rates have also risen to around +0.02% – traditionally a sign of caution, given that excessively positively rates increase the likelihood of long squeezes.

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