BTC futures' metrics have flipped bearish despite the heightened spot ETF prospects.
September 1, 2023
Moreover, the U.S. Federal Reserve's total assets have been reduced to $8.12 trillion, down from the recent $8.73 peak in March 2023. This signals that the monetary authority has been draining liquidity from the markets, which is detrimental to Bitcoin's inflation protection thesis. Traders should also analyze options markets to understand whether the recent correction has caused investors to become less optimistic. The 25% delta skew is a telling sign when arbitrage desks and market makers overcharge for upside or downside protection.
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