The recent data provided by analytics firm IntoTheBlock suggests that US-based market participants are showing their optimism towards cryptocurrencies, as the Chicago Mercantile Exchange (CME) Bitcoin futures are currently priced at a premium. This indicates that investors in the US view the future prospects of Bitcoin in a positive light.
Lucas Outumuro, the head of research at IntoTheBlock, has highlighted that the CME Bitcoin futures consistently have higher prices compared to international futures exchanges. This trend has been observed since BlackRock, the world’s largest asset manager, expressed its interest in a Bitcoin exchange-traded fund (ETF) last month. Outumuro believes that this demonstrates the growing confidence of US investors in the cryptocurrency market.
Moreover, the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple has had an impact on market sentiment. IntoTheBlock’s analysis shows that the CME Bitcoin futures price premium increased following the announcement of the lawsuit. This suggests that American investors were particularly bullish, possibly viewing the regulatory development as an opportunity to capitalize on the cryptocurrency market.
In addition to these positive indicators, IntoTheBlock’s data reveals that the percentage of addresses losing money on Bitcoin dropped to a low level of just 20% on Friday. This is the lowest level since April 2022 when Bitcoin was priced at $44,000. Furthermore, the analytics firm reports that 73% of Bitcoin holders are currently in a profitable position, while approximately 6% are breaking even.
These findings provide a glimpse into the current sentiment and market dynamics in the world of cryptocurrencies. The premium pricing of CME Bitcoin futures and the decreasing number of addresses losing money suggest that US crypto investors are bullish. It appears that the recent events and developments have instilled confidence in the minds of US market participants, potentially leading to further growth and adoption of cryptocurrencies in the future. However, it is important to note that the cryptocurrency market can be highly volatile and unpredictable, therefore investors should exercise caution and conduct thorough research before making any investment decisions.