The 38th week of the year is historically the third week of performance for Bitcoin, with an average yield of -2.25%. Only week 28 (-2.78%) and week 14 (-3.91%) Historically was lower, according to Coinglass data.
This week, Bitcoin is already down by almost 2%, merchant about $ 113,000, with the expiration of the monthly options in September, pointing to a maximum level of pain at $ 110,000, according to Deribit, this could more drop.
Max Pain refers to the exercise price to which the greatest number of options contract (Call and put) Exhausting without value, effectively maximizing losses for buyers of options.
In addition, market enthusiasm has faded. The perpetual financing rates for Bitcoin, which measure the continuous cost of maintaining long or short leverages in perpetual term contracts, fell to 4%, one of their lowest levels in a month.
A low positive financing rate suggests a reduction in long -term exposure demand, often indicating that speculative foam on the market has cooled.
While implicit volatility (IV)which reflects market expectations for future price swings, is also close to historic stockings at 37.
Despite the weekly drop, Bitcoin remains 4% higher in September and up 6% for the quarter. With about 14 weeks to play in the year and most of these weeks historically produce positive yields, this can be calm before potential volatility.
Meanwhile, Gold continued its impressive rally, climbing another 1% Tuesday and now more than 42% of a year to date, which continues to remove the bitcoin stitch.
Another factor weighing on the feeling of bitcoin is the massive gains of artificial intelligence and high performance computer stocks, for example Iren (Iren)which may have moved a little bit of short-term bitcoin.
