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Institutions and Miners are back

Last week Ethereum had its highest transaction volume of the past ten months, indicated Ethereum will continue increasing as leading in the secondary market. Ethereum is being considered as a part of the significant sign for indicating the Bitcoin market, other than that, by looking at the fundamental indexes, we can see the institution and miners are back to the market. All of the above play an important role in supporting the Bitcoin price.

However, although there are sounds are pushing the Bitcoin due to its long-term stable feature, we still need to be more careful about any light price rebound and be patient in waiting for the further adjustment.

Source: BitInfoCharts

Bitcoin’s transaction volume had the fluctuation in the last week. The top was 300K and the lowest data was 258K. Bitcoin transaction volume was keeping increase in a slow path since February 2018, it shows the core value of Bitcoin and is the fundamental support for Bitcoin price.

Ethereum’s trading performance has reached a highest level of the last 10 months, which was 949K.

Source: BitInfoCharts

The average Bitcoin hashrate had a significant increase, which newly reached 116.7EH/s, as well as the highest rate. Computing power (aka mining hashrate) is a key metric as it illustrates the network transaction demand.

Source: BitInfoCharts

The amount of active addresses has fluctuated last week. The top was 816K and the bottom was 476K.

Source: @BakktBot

Last week the total bitcoin’s future option on Bakkt was back to over 100Millions, which was USD 130Millions, increased 34% comparing with the previous week. The maximal open contract volume was similar to the index from the week before, which was USD 10.1Millions, it shows the institutions were back to the market, this powerfully supports the further price.

USDT had the negative premium last week as -0.98%, this negative premium was started by the additional issue since the BTC price slump on Mar 12. USDT was additionally issued from 60 Millions at first in each time to the current 120 Millions. Tether has its additional issue over 1 Billion in average, its accumulated amount is 4.249 Billions.

FGI was 50, was back to the Neutral sentiment. FGI looks at six different forces to score investor sentiment on a scale of zero to 100 — — extreme fear to extreme greed respectively: marketing volatility (25%) + market momentum (25%) + social media (15%) + market survey (15%) + the ratio of Bitcoin in the market (10%) + Google trend (10%). The lower index indicates more fear, while the higher index indicates more greed. It can be considered as an important index in the risk prediction and holding judgement, which means an extreme fear indicates a potential adjustment.

Source: OKEx

The newest long/short ratio was increased to 1.18. The long position was dominating the short position. This index indicates the ratio of longing user to the shorting user.

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