Криптоаналитики предсказывают бычий рынок после коррекции биткоина Translation: Crypto analysts predict a bullish market after Bitcoins correction

The recent correction in the cryptocurrency market has resulted in a significant liquidation of leveraged positions, creating a foundation for a new phase of growth for digital gold. This view was shared by a contributor to CryptoQuant under the pseudonym EgyHash.

According to him, the open interest in Bitcoin futures plummeted by $12 billion, dropping from $47 billion to $35 billion. The analyst described this as «one of the most substantial reductions in recent years.»

The leverage ratio (ELR), which measures the average leverage of traders relative to the reserves on exchanges, has fallen to the lowest levels since 2022.

EgyHash highlighted that the ratio of stablecoin supply to Bitcoin (SSR) plays a crucial role in this situation. This metric has returned to its April lows.

«This trend indicates an increase in liquidity in ‘stablecoins’ relative to the primary cryptocurrency, potentially signaling an accumulation of purchasing power,» the expert explained.

He emphasized that historically, such reductions in leveraged positions have preceded significant upward trends over the long term.

EgyHash’s conclusions are also supported by analysis from Glassnode. Experts noted that due to widespread liquidations, «excess» speculative bets have been eliminated. This has lowered the risks of similar crashes in the future.

According to Glassnode, funding rates in the cryptocurrency derivatives market have reached their lowest point since the 2022 bear market.

Negative figures indicate a predominance of short positions, as traders anticipate further price declines. However, extremely low rates often set the stage for a bullish scenario — when prices begin to rise, a short squeeze may occur, forcing short sellers to close their positions en masse.

At the time of writing, the ratio of long to short positions stands at 46.58% versus 53.42%.

The funding rate for Bitcoin on Binance remains in negative territory, indicating investor caution. The Ethereum rate has turned positive.

As of the time of writing, the leading cryptocurrency is trading around $114,500, having increased by 2.1% over the past day. The top altcoin has recovered to $4,100.

To note, cryptocurrency funds have attracted $3.17 billion amid the market correction. Since the beginning of the year, the total inflow has reached $48.67 billion.