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Futures traders drastically reduced their activity as Bitcoin’s weakness extends and new year-to-date lows become a daily occurrence. Cointelegraph reviews traders’ BTC price expectations. Bitcoin’s struggle to hold above $70,000 carried on into Wednesday, raising concerns that the a drop into the $60,000 range could be the next stop. The sell-off was accompanied by futures market liquidations, a $55 billion drop in BTC open interest (OI) over the past 30 days, and rising Bitcoin inflows to exchanges. The price weakness has analysts debating whether crypto-specific factors or larger macro-economic issues are the driving factor behind the sell-off and what it may mean for BTC’s short-term future. Key takeaways: Around 744,000 BTC in open interest exited major exchanges in 30 days, equal to roughly $55 billion at current prices. BTC futures cumulative volume delta (CVD) fell by $40 billion over the past 6-months. Crypto exchange reserves have risen by 34,000 BTC since mid-January, increasing the near-term supply risk.
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