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This Week in Crypto: A Data Perspective

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In this new format, IntoTheBlock will be looking at key weekly developments in the crypto space from a blockchain perspective. Leveraging blockchain’s transparent nature, IntoTheBlock is able to extract valuable insights, providing a data-driven analysis into news about the top cryptocurrencies. 

This week, we will be analyzing the growth in Bitcoin futures contracts, a warning due to the high concentration of tokens in a well-known crypto asset, and a bullish scenario for Bitcoin.

BitMEX, Binance Top Exchange Open Interest in New BTC Futures Rankings

As covered by Cointelegraph, citing new data from Bybit, BitMEX is currently the frontrunner in the Bitcoin futures open interest market, while Binance takes second place.

Open interest, which is the dollar amount of outstanding contracts (open positions), in this instance refers to Bitcoin perpetual swaps.

Using the IntoTheBlock Open Interest Rank, we were able to support the findings covered by Cointelegraph.

As seen in the graph below, BitMEX leads the ranking with a total of $598.51 million, representing 33.12% of the total open positions.

Binance follows with a smaller, but still sizable amount of $324.04 million and Bybit comes in third place with $283.5 million.

Cardano (ADA) Is Caught Within a Firm Uptrend, But Sentiment Data Shows Investors Don’t Seem to Have Taken Notice

As covered by CryptoSlate, the high concentration of Cardano tokens in the hands of a few whales is a factor that could play a part in the direction of Cardano’s future growth.

Using the IntoTheBlock’s data visualization, CryptoSlate reveals that eight addresses hold over 31 percent of all of ADA’s circulating supply. All eight wallets can be categorized as “low activity addressees,” which means that they have taken part in less than 300 transactions.

Options Data: Big Bitcoin Traders Are Still Betting on a “Retrace” Despite Halving

This week, CryptoSlate covered a relatively bearish scenario for Bitcoin, a trend identified due to a convergence of proprietary and market signals.

Using the IntoTheBlock actionable signals, we were able to identify three key components that confirm the statement by CryptoSlate. IntoTheBlock data shows that both the number of transactions greater than $100,000 and the network’s pace of growth is slowing down, and trading is becoming unprofitable.

This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. 

The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap.

ITB is a tribe of data scientists, cryptocurrency experts and AI geeks that set out on a journey to unlock the mysteries of crypto assets and provide investors with relevant intelligence about the market.

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