While Bitcoin price decreased after fake Bitcoin ETF news, Ethereum started to rise.
At this point, interest in Bitcoin futures markets clearly dropped as investors moved out of BTC and into ETH.
Evaluating these developments in Bitcoin and Ethereum, CryptpQuant analyst pointed out that investors' interest has shifted to Ethereum and said that opening a long position in Bitcoin would not be a good idea in the short term.
The analyst, who advised investors to focus on Ethereum, also advised them to sell with the ETF approval news.
“The Bitcoin and Ethereum futures market was mixed following news of fake Bitcoin ETF approval.
Open interest in the Bitcoin futures market is falling and failing to recover, while open interest in the Ethereum futures market is increasing.
Given that in past launches of Bitcoin-related products, the Bitcoin price has moved in opposite directions following good news and bad news, opening bullish long positions in Bitcoin may not be a good idea in the short term.
“Sell on the news and focus on Ethereum.”
Change bets
"Open interest in the Bitcoin futures market plummets and fails to recover, while open interest in the Ethereum futures market surges."
by @t0_godLink👇 https://t.co/gekdbjJ5Kx pic.twitter.com/6Kajhh9djz
— CryptoQuant.com (@cryptoquant_com) January 10, 2024
*This is not investment advice.
