“No free lunch” for speculators
The pair had moved up sharply on the back of United States inflation hitting its highest in 30 years, this combining with derivatives market reactions to produce uncertain price action.
With $69,000 now the all-time high, some were fearful, while seasoned market participants took the opportunity to poke fun at the weak hands.
“Why the BTC pullback from 68k? There was a massive increase in BTC margined futures open interest this afternoon (traders going long BTC with BTC as collateral),” analyst Dylan LeClair explained alongside a chart from Glassnode.