Despite a stable price, interest for Bitcoin is growing

The price of Bitcoin has changed slightly over the past 24 hours, remaining at $9,500. On the one hand, the bears retreated quickly on the decline. On the other hand, bulls also show no interest in further purchases. Trade volumes in the network decreased by 21% in anticipation of external impulses.

However, quite remarkable processes are taking place under the surface, which does not yet affect the current price of the asset. Glassnode estimates that the number of bitcoin wallets with more than 1K BTC balance went close to 2017 highs, times when the price reached $20K. Besides, the CME shows a significant surge in trading activity. In the month from May 10 to June 10, the volume of open interest in bitcoin options on the Chicago Mercantile Exchange (CME) jumped more than 10-fold to $373 million.

The FxPro Analyst Team