The latest price moves in crypto markets in context for Sept. 12, 2023.
as open interest on Binance, Bybit, OKX and Deribit fell to $4.8 billion from $5.05 billion.
The decline in open interest suggests short traders were abandoning their bearish bets in what’s known as a short squeeze. The price recovery may remain capped due to a lack of immediate bullish catalysts. The bitcoin spot ETF optimism has faded, with observers shifting focus to the impending liquidation of FTX's altcoin holdings.by bankrupt exchange FTX, according to Matrixport.
FTX wishes to sell $200 million worth of crypto assets a week in order to return fiat currency to users, which would mean an overhang for altcoins for the remainder of the year. “Crypto venture capital funds are also under immense pressure to return funds to their investors,” Markus Thielen, Matrixport’s head of research, wrote in a Monday report. “Those VC funds are likely to remain as crucial sellers of altcoins and must cash out.
"Fundamentals – as measured by the revenue generated across the Ethereum blockchain – have failed to pick up. This has led to a notable overvaluation of Ether prices relative to underlying fundamentals," Matrixport's head of research and strategy Markus Thielen, said in a note to clients on Monday.
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