Bitcoin Price Analysis
- Prices rose over the first week of the year as open interest in the CME improved.
- Altcoins outperformed Bitcoin as the largest crypto remained rangebound.
- Meanwhile, ETF flows remained net negative.
Bitcoin Overview
Bitcoin’s price improved last week but remained within the range established in previous trading sessions. BTC logged a weekly low of 91,271.19 and a high of $98,972.29. Bitcoin closed last week at $98,198.52.
Bitcoin Open Interest
Open interest in the CME improved over the last week as more contracts were added. Comparing that with price movement suggests that more long contracts were opened.
Bitcoin ETF Flows
Meanwhile, BTC ETF flows were net negative next week as outflows totalled $652.10Mn.
Ethereum Price Analysis
- Ethereum’s price action was more bullish as it broke above the range formed in the previous week’s trading session.
- The weekly low and high were $3,293.19 and $3,675.77, respectively. ETH closed last week at $3,637.39.
Ethereum Open Interest
Similar to Bitcoin’s open interest charts, Ethereum OI reached a weekly low on Jan. 1 and has been rising since as new longs enter the derivatives market.
Ethereum ETF Flows
Meanwhile, spot ETH ETF inflows logged a negative week as $97.00Mn flowed out of ETFs in the US.
Solana Price Analysis
- Solana’s price action was bullish last week as it broke above the local range high from the previous week’s trading session.
- Weekly low and high formed were $185.55 and $219.67.
Solana Open Interest
Open interest in Solana followed a similar pattern as that of Bitcoin and Ethereum, picking up from Jan. 1.
Ripple Price Analysis
- Ripple’s price action improved last week after logging a low of $1.99 and a high of $2.50.
Ripple Open Interest
However, price was incongruent with open interest as an increase in long contracts did not buoy the price.
