#Bitcoin Futures Speculation Cools Down#

Bitcoin futures market speculative fervor is cooling down. According to Glassnode data, Bitcoin futures open interest (OI) is showing a decline in speculative momentum. The medium-term trendline (30-day SMA) has peaked and is now slightly declining, while the short-term trendline (7-day SMA) has broken below it. This indicates that traders are closing out positions due to market uncertainty. This trend suggests that traders are cautious about the market outlook and are reducing their risk exposure. This could be due to the recent heightened market volatility and uncertainty in the macroeconomic environment. Additionally, the recent underperformance of Bitcoin prices may also be leading traders to lose confidence in the market outlook. Overall, the trend of cooling speculative activity in the Bitcoin futures market reflects the cautious sentiment of market participants towards the future market direction.