$BTC

- Who is leading Bitcoin now? 🪙⚡

* Bitcoin exchange-traded funds continued to attract flows on Wednesday, gathering over $900 million in new capital.

However, despite the increasing demand for exchange-traded funds, open interest in Bitcoin has declined, and funding rates have turned negative, indicating that short-term market sentiment may change.

* Trading activity across the cryptocurrency market has declined over the past 24 hours, with total market capitalization losing $18 billion during this period.

This decline contributed to a slight decrease of 1% in the price of Bitcoin.

* The drop in momentum is evident in the decline of open interest in Bitcoin futures contracts, indicating reduced trading participation. At the time of publication, open interest in Bitcoin futures contracts stands at $64.54 billion, down 5% from the previous day.

* This indicates that more put options are being traded compared to call options, suggesting a bearish bias among options traders. The ratio reflects increasing expectations for a downward price movement.⤵️