Yen intervention now leans bearish for BTC because both ends of the squeeze are crowded. As of July 28, noncommercial CME yen futures were net short 163,412 contracts, roughly ¥2t at face value, and shorts grew that week. On July 31, the August CME Bitcoin future settled 3.0% lower at $63,130 while standard OI rose 2.3% and micro OI rose 12.5%. U.S. spot ETFs shed $265.4m that day, leaving two-session flow at negative $32.3m. A yen squeeze can hit a leveraged BTC market with little spot-flow cushion and force more selling.
aixbtShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.