Bitcoin’s move above $30K represents a ‘shift in sentiment,’ analysts say

A clear sentiment shift is taking hold, Blockworks was told, with increasingly bullish sentiment following in the wake of the fake ETF announcement last week


Thongden Studio/Shutterstock modified by Blockworks


On-chain metrics are flashing signs of resiliency for the world’s largest digital asset, bitcoin (BTC), as individuals continue to hold onto their coins in the face of broader market uncertainty.

The asset is into its fifth consecutive daily win, setting a fresh three-month high above $30,900, Blockworks data shows.

Total open interest for bitcoin options contracts across Bybit, Binance, OKX and Deribit has reached levels not seen for more than two months, at just over $6.46 billion.

Liquidations for BTC futures jumped to a total of $31.5 million on Sunday, CoinGlass data shows. Even still, activity has remained relatively uneventful compared to last week’s Oct. 16’s $100 million wipeout on the false approval announcement of a US spot bitcoin ETF.

“While the ETF news was proven to be fake, there has been a clear shift in sentiment from ‘if’ to ‘when’ in terms of whether the SEC will approve any applications in the next few months,” Berkeley Cox, derivatives analyst at Zerocap told Blockworks.

This shift was further echoed in the options market on Sunday, where the 25 delta skew has tilted towards bullish territory, a position not observed since January’s surge, Cox noted.

Given the continued rise in front-end implied volatility (IV), long calendar options strategies may become increasingly appealing. Market participants are focusing on the prospect of ETF approval — or at the very least, a spike in volatility — by late December to early January, Cox said.

According to CryptoQuant’s Exchange Depositing Transactions for BTC, based on a seven-day moving average, total deposits to centralized platforms have fallen to their lowest levels since May 21, at just above 34,600 BTC.

The analytics firm believes a higher value indicates more individuals are willing to sell to the spot market while conversely, a dip lower indicates users are holding onto their coins and are expecting a future price rise.

“There seems to be no eminent selling pressure from long-term holders despite the $30,000 price tag,” a spokesperson for CryptoQuant told Blockworks.

Loading Tweet..

Meanwhile, declining active addresses can point to participants seeking to hold onto the asset rather than utilize it as a medium of exchange or transfer it to exchanges during periods of profit-taking, Blockworks was previously told.

The total number of active addresses when viewed over a seven-day average has dipped to the lowest point Since Dec. 28, data shows.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million