Bitcoin investors remain calm despite the escalation of Israel-Iran conflict
Despite the growing conflict between the Middle East and the ensuing bearish pressure, Bitcoin’s price has remained on hold over the past few days. The Prime Minister’s cryptocurrency continues to hover around the $105,000 level, with its value only down 0.8% over the past week.
According to the latest chain chain data, the price of Bitcoin may not last long, as investors appear to be growing tensions between Israel and Iran. Here are what BTC investors have been doing since the past week starting military operations.
BTC investors still stick to their assets: analysts
In a QuickTake post on the CryptoQuant platform, Cryptome revealed that despite the ongoing geopolitical incidents, the Bitcoin market remains relatively quiet. The relevant indicators here are Bitcoin Switch Network and Open Interest.
First, Cryptome analyzes BTC Exchange NetFlow, a network that measures the differences between Bitcoin sent and withdrawn from centralized exchanges. Often, this metric helps measure sales pressures for a particular cryptocurrency (in this case, Bitcoin).
Given that one service provided by the exchange is sales, exchange inflows are often considered a bearish signal of the price of Bitcoin. However, Cryptome noted that there has been no significant change in NetFlow, meaning investors do not want to uninstall their assets.
The on-chain analyst also highlighted the open interest of centralized exchanges, which estimates the amount of capital flowing into cryptocurrencies at each given time. Cryptoproteins attribute reduced open interest to price-corrected liquidation long positions.
The crypto expert added:
But the open interest remains strong as we look at the bigger picture, and despite all the war news, investors are still keeping their place.
Additionally, Cryptome mentioned the open interest in Bitcoin from the Chicago Mercantile Exchange (CME), where the institution and speculators trade. Analysts noted that while certain positions have been closed and open interest has declined after the incident, CME has not yet had any major export campaigns.
Ultimately, the lack of a major movement that carries out a major movement indicates that investors are not in a state of panic. While most Bitcoin derivatives are currently open, it is not known what will happen if war tensions escalate further. Therefore, investors may want to act cautiously in the next few days.
The price of Bitcoin is clear at a glance
As of this writing, BTC is about $104,760, reflecting a nearly 1% drop in the past 24 hours.
