This may be due to the forced caution of institutional investors after a period of volatility
Open positions in bitcoin futures on the Chicago Mercantile Exchange (CME) are $ 11.3 billion, down 59% from the April peak of $ 27.3 billion, CoinDesk writes, citing data from analytical company Arcane Research.
According to the publication, the decline in interest in the financial instrument suggests that institutional investors are cautious.
A report from Arcane Research says that 3-month bitcoin futures are in backwardation (a situation where a long-term contract trades less than a shorter-term contract).
According to analysts, this is considered a signal of bearish sentiment, as futures are trading at a discount to current spot prices.
Two Prime investment director Nathan Cox argues that institutional investors are still “hungry” for cryptocurrencies but are unable to enter the market after the recent surge in volatility.
“As the situation stabilizes, large institutions should announce their positions, which are likely to become large during this pullback,” Cox predicted.
On June 22, the cost of bitcoin for the first time since January fell below $ 30 thousand. Quotes of the main cryptocurrency dropped to $ 28.8 thousand. On June 23 , it is traded at $ 33.9 thousand.