Altcoin Season On Hold

BTC trades 5% lower on the day, after spot ETFs recorded their 3rd-worst day since launch with net outflows of $435.3M yesterday. MicroStrategy announced that it had “acquired approximately 55,500 bitcoins at an average price of approximately $97,862 per bitcoin” in a filing on Monday. This takes their total BTC holdings to nearly 2% of the supply mined so far. The pullback saw a big reaction in BTC derivatives markets – Data show that open interest for end-of November $100K calls were certainly pared back as early as last week.

However, the impact of the pullback over the last 24H does not show up in the same open interest data as strongly, and while the move looks particularly drastic for short-term expiries, anything longer-dated than 2 weeks remains stubbornly bullish.