Does Bitcoin’s Recent Market Recovery Mirror Previous Recoveries? VanEck Believes So
Financial Analyst
- Analysts at VanEck believe BTC will continue its bullish trend
- They point to strong network activity and decreased funding costs for BTC futures as positive indicators
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VanEck’s monthly report on Bitcoin [BTC] suggests that a strong recovery is on the horizon. Recent market trends closely resemble past recoveries, according to analysts Mathew Sigel, Nathan Frankovitz, and others at VanEck. The high network activity and falling funding costs for BTC futures are promising signs of a robust rebound.
The future of BTC funding costs
Funding rates for BTC, which represent fees paid by traders on perpetual futures contracts, have also exhibited similar patterns during previous market recoveries in May and July.
In the last 30 days, annualized cost of funding for Bitcoin futures has dropped from 11.6% to 8.8%, indicating a decline of 24%. This aligns with trends seen during prior market rebounds following significant declines in May and July this year.
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The recent downturn in August led to a decrease in addresses cashing out profits by approximately 9%. The report also mentions that around 84% of BTC users were holding unrealized gains while a majority of others were short-term investors.
BTC miner pressure appears to have lessened as evidenced by reduced selling pressure from miners. Transfer volume from miners to exchanges has decreased by around 21% over the past month, indicating stabilized revenues following June’s halving event.
Daily chart analysis suggests an upward trend on higher timeframes , with indications pointing towards resurgence above $63,000 alongside reclamation of the SMA (200-day) indicator
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