Bitcoin Futures Open Interest Reaches All-Time High – Bitcoin's Daily Withdrawals Defy Records as $2 Billion Leaves Exchanges

Bitcoin Futures Open Interest Reaches All-Time High

According to Coinglass data, open interest in Bitcoin futures on exchanges has reached a record level. Open interest has moved beyond levels seen in November 2021, when the price of Bitcoin rose above $68,000, an all-time high. It was reported on Friday that the total open interest in Bitcoin futures was over $26 billion, exceeding the $24 billion reached in the last quarter of 2021. Interest in Bitcoin futures has increased since the beginning of 2024, coinciding with the price of the digital asset rising to its recent high above $64,000 recorded earlier this week.

Bitcoin’s Daily Withdrawals Defy Records as $2 Billion Leaves Exchanges

As BTC price action struggles to reach all-time highs, the amount of Bitcoin leaving exchanges is also increasing at the fastest rate in years. James Van Straten, a research and statistics analyst at cryptocurrency analysis firm CryptoSlate, reported multibillion-dollar Bitcoin withdrawals in a post on X on March 3. Although the majority of investors have not yet returned to the cryptocurrency, Bitcoin exchanges are moving steadily. BTC reserves are running out. Van Straten uploaded statistics from on-chain analytics firm Glassnode showing that withdrawals on March 1 alone totaled nearly $2 billion.

Marathon Digital Announces Revenues Increased by 452%

Marathon Digital, the giant United States-based Bitcoin mining company, surprised analysts with a strong quarterly earnings report that outperformed their forecasts. Ironically, Marathon’s stock price plummeted immediately following the announcement. However, this is likely a one-time anomaly. Earlier this year, it was stated that the Bitcoin production rate had tripled compared to 2022.

SHIB and PEPE Increased Significantly as $50 Million Lost in Short Trades Against Meme Coins

The volume of futures tracking Meme tokens increased significantly on Saturday. According to data from Coinglass, a total of over $50 million was liquidated in short transactions in DOGE, SHIB, PEPE, FLOKI and BONK the previous day, which helped increase the prices of these tokens. PEPE reached all-time highs, rising as much as 100%. Last week, meme coins gained attention as backup investments for expanding the blockchains on which they are built. The majority of meme trading volume on this network was generated by Ethereum-based DOGE, SHIB, PEPE, and FLOKI.

BlackRock Bitcoin ETF Outperforms Largest Silver Trust

Driven by extreme demand for spot Bitcoin ETFs, BlackRock’s IBIT ETF has overtaken the world’s largest Silver Trust in assets under management (AUM), according to recent data. IBIT, which exceeded the $ 10 billion level last Friday, rose to third place in the ranking of commodity ETFs. Additionally, IBIT ranks first among spot Bitcoin ETFs.

Bitcoin Tests Above $64,000 Level

Bitcoin reached a two-year high of $64,000, approaching its historical peak amid high demand for ETFs. Bitcoin, which tested the $ 64,260 level early on Monday, thus reached its highest level since December 2021. Most of the rise for Bitcoin, which has gained 50% in value since the beginning of the year, occurred with the intense trading volume in the spot Bitcoin ETFs traded in America in the last few weeks.

NFT Sales Exceeded the $412 Million Level

NFT sales rose to $412 million last week, an increase of 35.14% compared to the previous period. Bitcoin NFTs led the rise with sales of $154.82 million, while Ethereum NFT sales ranked second with 153.94 million.

Dogecoin Rises 70% Last Week

Dogecoin gained 70% in value last week due to the upward trend in the cryptocurrency market. The increase in whale assets attracts attention as one of the reasons behind the rise. According to the data, the number of addresses carrying more than 100 thousand DOGE has increased by 0.7% since the beginning of the year. Additionally, there is an increase in the number of addresses carrying more than 1 million DOGE.

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BITCOIN(BTC)

As of the morning hours, BTC is priced at $63,318 with a 0.34% gain in value. Records were broken for volumes entering ETFs. Prices broke through the resistance levels between $50,500 and $52,800 and then traded as high as $63,900. However, the reception from this level was not very strong and we are still quite close to the ATH (all-time high price). If there is a break above $66,000, we are likely to surpass the ATH level. However, prices may face resistance near the $72,500 and $75,000 levels. If there is a pullback from these levels, there may be a drop to $60,000. The region between $56,000 and $60,000 is critical and it would be healthy to move sideways here. If there is a downside break, support could be found near $52,000.

ETHEREUM(ETH)

ETH is priced at $3458 with a 0.89% loss of value as of the morning hours. In general, there is a strong increase with the increase in market entries and the rise of DeFi. After a break above $3036, it rallied as high as $3500. However, the region between $3600 and $3400 appears as a strong resistance point. Exceeding these levels may trigger a massive rise to $4000. However, if the $3400 region breaks down permanently, the $3200 and $3000 levels could act as support. If it gets a reaction from these levels, it may push the $4000 level again. However, if there is a withdrawal due to possible news, it may deepen to the range of 3000 and 2800 dollars.

RIPPLE(XRP)

As of the morning hours, XRP is priced at $0.6268 with a 0.14% loss in value. After the general rise, it entered the horizontal band again and made a retest in the middle part of the horizontal band. From here it seems to have received a downward reaction again. The first support level is $0.62, and if there is an upward reaction from this level, we may see a rise up to $0.72. If there is a downward break from this level, a retreat to $0.58 may occur again.

AVALANCHE(AVAX)

AVAX is priced at $42.13 with a 1.01% loss in value as of the morning hours. The $36 level was a critical resistance point, and after breaking this level, prices rose to $44. However, this rise did not last long and prices fell back to 36 dollars. Still, this level worked as a strong support and prices rose as high as $45. $40 currently appears to be a major support point. Prices above $40 may cause increases up to $50. However, if there is a large break below $ 40 and persistence is achieved, there may be a withdrawal to $ 36 again.

SOLANA(SOL)

SOL is priced at $125 with a 7.46% gain in value as of the morning hours. When we examine the daily chart, we see that the resistance levels of $ 120 and $ 126 were broken upwards. If it persists above these two areas, a rise towards the $140 level may be possible. In case of withdrawals, the $ 130 and $ 126 levels can be followed as support.

CHAINLINK(LINK)

As of the morning hours, LINK is priced at $19.69 with a 2.14% gain in value. When we examine the four-hour chart, we see that the horizontal movement between the $ 17.80 and $ 20.675 levels continues. In upward movements, first $ 20, then $ 20,250 and $ 20,675 levels appear as important resistance areas. If it persists above these two areas, the $21 level can be targeted. In case of a pullback, $19.50 can be followed as support.

SXP
SXP is priced at $0.5236 with an 18.86% gain in value as of the morning hours. When we examine the daily chart, we see that the $0.4680 resistance zone has been broken upwards. If this movement continues, the $0.55 and $0.60 levels can be tested. In case of a withdrawal, the $0.50 level can be followed as support.

ADA

As of the morning hours, ADA is priced at $0.7853 with a 4.85% gain in value. When we examine the hourly chart, we see that the $0.7560 resistance level is broken upwards. If this movement continues, the $0.80 level may be tested. In case of a withdrawal, the $0.75 level can be followed as support.