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Bitcoin open interest falls to $34 billion as investor demand dries up and traders’ concerns shift to worrying US macroeconomic data. Is TradFi exiting BTC?

Bitcoin has seen record realized losses in one of the cryptocurrency’s largest-ever capitulation events as short-term holders sold at steep losses amid its decline.

Bitcoin appears trapped within a capitulation zone where long-term holders continue to sell, and bearish onchain metrics tease further downside. Will $40,000 mark the final price bottom?

Bitcoin’s daily funding rate has been deeply negative for days, reflecting heavy short positioning, but historical data also suggests that a squeeze on bears could be brewing.

While ETH’s price action remains weak, rising institutional investor inflows and surging network activity suggest that Ether is building a base for a possible rally to $2,400.

Bitcoin and Ether spot ETF holders are nursing steep losses as the market continues to search for a local bottom, but data from Bloomberg suggests neither cohort is capitulating.

Glassnode analysts said Bitcoin remains stuck between “key cost-basis levels,” and a prolonged consolidation period may lie ahead even if traders are actively buying dips to the range lows.

Bitcoin may continue to copy its 2022 bear market if bulls fail to reclaim the 200-week exponential moving average by the end of the week, new analysis said.