BITCOIN

Matrixport: Nearly 20% of the market positions were liquidated, Bitcoin did not exhibit its hedging characteristics

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Matrixport: Nearly 20% of the market positions were liquidated, Bitcoin did not exhibit its hedging characteristics

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Bitcoin Faces Halving, ETF Cooling, and War

Bitcoin plummeted to as low as $60,000 on April 13, and as of the deadline, it was around $62,840, with a decrease of approximately -11.67% since April.

The drop was mainly triggered by the attack from Iran on Israel. However, Bitcoin has been facing instability factors such as a decrease in inflow of spot ETFs and the upcoming halving, which has prevented it from regaining stability above $70,000.

Recent related news includes:

  • Iran launches drone attacks on Israel, causing Bitcoin prices to plummet to $60K

  • Israel refrains from retaliatory strikes against Iran, easing market concerns, and Bitcoin returns to $65K

  • Bitcoin drops to $66K, market liquidates $900 million! Analysts: Miners sell $5 billion in inventory, future bleak for the next six months

BTC/USDT Daily Chart | OKX

Matrixport: Bitcoin Fails to Serve as a Hedge

Matrixport also pointed out in a tweet that with the increase in geopolitical risks over the weekend, Bitcoin prices experienced a significant drop, resulting in a $2 billion decrease in the total open interest of Bitcoin futures contracts. After reaching a peak of $20 billion on April 9, around 20% of positions were liquidated, and the current total open interest is approximately $16.7 billion.

Matrixport believes that Bitcoin has not acted as a hedge asset as expected by most people.

In comparison, gold hit a historical high of $2,431.78 on April 12.

Previously, Matrixport analyst 10x Research had stated that Bitcoin had successfully broken out of a triangle pattern and expected the target price to reach $83,000 within a few weeks, which now seems difficult to achieve.

Bitcoin Approaches Historical High, 10x Research Analyst: Target Price of $83,000