សមាមាត្រ Bitcoin Spot to Futures បង្ហាញពីតម្លៃលក់រាយលើសពី $ 20,000

ទិន្នន័យវិភាគដោយ CryptoSlate បានបង្ហាញពីភាពផ្ទុយគ្នាយ៉ាងខ្លាំងរវាងនិន្នាការ Bitcoin និង Ethereum Spot to Futures Volume (SFV) ជាមួយនឹង SFV របស់អតីតបន្តកើនឡើង។

Spot to Futures Volume metric មើលទៅលើសមាមាត្រនៃបរិមាណកន្លែងធៀបនឹងបរិមាណអនាគតសម្រាប់ cryptocurrency ជាក់លាក់មួយ។

Spot price សំដៅទៅលើសម្រង់បច្ចុប្បន្នសម្រាប់ការទិញភ្លាមៗនៃរូបិយប័ណ្ណគ្រីបតូ និងបង្កើតជាមូលដ្ឋានសម្រាប់ទីផ្សារនិស្សន្ទវត្ថុទាំងអស់។ បរិមាណកន្លែងរឹងមាំស្មើនឹងការប្រមូលផ្តុំដែលមានសុខភាពល្អ ដែលនាំទៅដល់កំណើនតម្លៃប្រកបដោយនិរន្តរភាព។

អ្នកទិញលក់រាយជាធម្មតាប្រើទីផ្សារកន្លែង ចំណែកស្ថាប័ន និងពាណិជ្ជករដែលមានបទពិសោធន៍ និងហិរញ្ញវត្ថុល្អមានទំនោរទៅរកការជួញដូរនិស្សន្ទវត្ថុ។

Bitcoin vs. Ethereum Spot to Futures Volume

Per the chart below, the Bitcoin SFV has oscillated relatively uniformly between 0.2 and 0.4 since January 2020. However, the SFV broke out of this range last summer, climbing higher to peak at just under 0.7 this week.

In other words, Bitcoin spot volume is rising in proportion to futures volume, suggesting retail traders are piling in at a rate greater than derivatives traders.

In contrast, the Ethereum SFV print shows a more haphazard pattern. Unlike the previous example, the ratio of the spot to futures volume has been recording lower lows since May 2022, with the latest low coming in at 0.15.

This would imply institutions and professional traders continue to dominate ETH markets.

The derivatives market

The crypto derivatives market (along with covid stimulus) was a factor in buoyant spot prices during 2021.

For example, the chart below shows Futures Open Interest hitting over $25 billion on three occasions in 2021, coinciding with spikes in the spot price to $64,670, $67,100, and $69,200. It was likely that the leverage used in derivatives trading influenced spot exuberance at the time.

However, Futures Open Interest has dropped significantly since November 2021. Further, for unknown reasons, the relationship between Open Interest and spot price came undone around May 2022.

Based on this, retail buyers had a significant hand in Bitcoin’s recent resurgence back above the psychological $20,000 level.