The recent sale of 559.85 Bitcoin by Ark 21Shares for around 64.4 million USD has raised fears of a possible short-term price dip for BTC. With open interest in Bitcoin decreasing to approximately 81 billion USD, there are concerns about diminishing institutional interest and profit-taking following a bullish period.
The decline in open interest indicates traders may be cautious, closing their positions rather than increasing exposure. While bearish sentiment prevails, the absence of significant short futures positioning points towards institutions possibly rebalancing rather than transitioning fully to a bearish strategy.
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