Bitcoin Slips to Lowest Level Since June as Leverage Funds Increase Bearish Bets

By Cora Skindell Aug 17, 202346Views

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Key Points:

Leveraged funds have increased their bearish bets on Bitcoin futures.
The crypto market has been unaffected by positive developments such as the launch of a stablecoin by PayPal.
Bitcoin’s downside volatility is consistent with its past patterns.
The meme coin SHIB has experienced a significant pullback.
Shorts are paying longs to keep their bearish positions open in SHIB futures.

Hot Take:

The increase in bearish bets by leveraged funds and the lack of response to positive developments suggest that sophisticated traders in the crypto market are concerned about macroeconomic factors and are taking a cautious approach. This is reflected in Bitcoin’s downside volatility and the pullback in the meme coin SHIB. It remains to be seen how these factors will continue to impact the broader crypto market in the coming days.

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Cora Skindell

Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora's insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content. Cora's contributions serve as a valuable compass for both seasoned and novice individuals seeking to navigate the dynamic landscape of cryptocurrencies. With a keen eye for detail and a commitment to accuracy, she empowers informed decision-making in the ever-evolving crypto space.