{"id":431399,"date":"2024-10-10T05:30:12","date_gmt":"2024-10-10T00:00:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=431399"},"modified":"2024-10-09T15:52:22","modified_gmt":"2024-10-09T10:22:22","slug":"despite-bitcoins-recent-surge-the-u-s-is-sitting-this-rally-out","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/despite-bitcoins-recent-surge-the-u-s-is-sitting-this-rally-out\/","title":{"rendered":"Despite Bitcoin&#8217;s recent surge, the U.S. is sitting this rally out"},"content":{"rendered":"<ul>\n<li><em>Bitcoin rallied to $64,000, but the U.S. market&#8217;s absence raises concerns about the rally&#8217;s sustainability.<\/em><\/li>\n<li><em>Metrics show a decline in Bitcoin\u2019s Open Interest and retail activity, signaling potential caution for investors.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The global crypto market has experienced a significant boost in the past few days, with a rise of over $60 billion in valuation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This increase comes as Bitcoin\u2019s price surged once again to the $64,000 mark, <a href=\"https:\/\/ambcrypto.com\/is-2024-the-year-bitcoin-hits-100k-key-indicators-demand-suggest\/\">reigniting optimism among investors<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this rally has grabbed the attention of many, some analysts are questioning the sustainability of this growth, noting certain unusual trends behind the scenes.<\/span><\/p>\n<h2><strong>Market driven by Asian capital, not U.S. buyers?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">A CryptoQuant analyst, using the pseudonym BQYoutube, has recently highlighted a critical observation on the CryptoQuant QuickTake platform. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/67062fa0c1ff132140bca24d-We-are-going-up-But-Coinbase-Aint-Buying\"><span style=\"font-weight: 400;\">post<\/span><\/a><span style=\"font-weight: 400;\"> titled \u201cWe are going up. But Coinbase Ain&#8217;t Buying,\u201d the analyst pointed out that the U.S. market, represented by Coinbase, has not been participating in the recent rally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BQYoutube noted that while Bitcoin\u2019s price was climbing, Coinbase Premium, a metric that tracks the difference between Bitcoin prices on Coinbase and other exchanges, has been falling into negative territory.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This drop in the Coinbase Premium indicates that the U.S. market might not be as enthusiastic about the rally, potentially weakening the overall bullish sentiment.<\/span><\/p>\n<figure id=\"attachment_431428\" aria-describedby=\"caption-attachment-431428\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f.webp\"><img decoding=\"async\" class=\"wp-image-431428 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f.webp\" alt=\"Source: CryptoQuant\" width=\"1280\" height=\"574\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f.webp 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f-300x135.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f-1024x459.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f-768x344.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/gqqKxls_4ade16ab9a5ca400aa560adf3c6692e22209f53fe4253aa66145fc2399c8b36f-1200x538.webp 1200w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-431428\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">One of the key reasons behind Bitcoin\u2019s recent rally could be attributed to capital flows from Asia, according to BQYoutube. The analyst suggested that the China rate cut and inflow of Asian capital might be driving prices upward.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this rally lacks full support without significant U.S. participation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The U.S. market has traditionally played a crucial role in sustaining long-term Bitcoin price rallies, and its absence might signal potential vulnerabilities in the current price movement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BQYoutube cautioned that the rally could be risky if the U.S. market remains disengaged, as sustained price momentum often relies on broader global participation.<\/span><\/p>\n<h2><strong>Retail interest in Bitcoin rebounds slightly<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Aside from these observations, it is essential to look at Bitcoin\u2019s key on-chain metrics to understand the broader picture. <\/span><\/p>\n<p><a href=\"https:\/\/www.coinglass.com\/currencies\/BTC\"><span style=\"font-weight: 400;\">Data<\/span><\/a><span style=\"font-weight: 400;\"> from Coinglass shows a decline in Bitcoin\u2019s Open Interest, which refers to the total number of outstanding derivative contracts.\u00a0<\/span><\/p>\n<figure id=\"attachment_431432\" aria-describedby=\"caption-attachment-431432\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40.png\"><img decoding=\"async\" class=\"wp-image-431432 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40.png\" alt=\"Bitcoin open interest\" width=\"2560\" height=\"717\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-300x84.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-1024x287.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-768x215.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-1536x430.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-2048x574.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-09-at-10.14.40-1200x336.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-431432\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This metric has dropped by 0.83%, bringing its value to $33.25 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, Bitcoin\u2019s Open Interest volume, which reflects the total number of trades, has also seen a sharp decline of 31.04%, standing at $45.49 billion at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These declines could indicate that traders were less optimistic about the asset&#8217;s future movement in the short term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another significant metric to monitor is Bitcoin\u2019s active addresses, which serve as a key indicator of retail interest. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from Glassnode <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=addresses.ActiveCount&amp;s=1719961200&amp;u=1725836399&amp;zoom=\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> a substantial drop in active Bitcoin addresses over the past few months, particularly after peaking at 839,000 on the 30th of August.\u00a0<\/span><\/p>\n<figure id=\"attachment_431433\" aria-describedby=\"caption-attachment-431433\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8.png\"><img decoding=\"async\" class=\"wp-image-431433 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8.png\" alt=\"Bitcoin active addresses amid crypto market\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-number-of-active-addresses-8-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-431433\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This drop saw active addresses plunge to around 600,000 by the end of September, reflecting a decline in retail interest. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, recent data suggested a minor recovery, with active addresses climbing back above 700,000 in recent days.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Notably, while the current rally has sparked excitement, the lack of U.S. participation and declining open interest may present challenges for Bitcoin\u2019s short-term prospects. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the rebound in retail interest could signal renewed confidence in the market. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A CryptoQuant analyst has highlighted concerns about the lack of U.S. investor participation in Bitcoin recent rally.<\/p>\n","protected":false},"author":89,"featured_media":431449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-431399","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast 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