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Bitcoin buy calls surge: Here’s what it means for your portfolio

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Bitcoin’s [BTC] social activity has seen a significant uptick as the cryptocurrency market anticipates the approval of the spot Ethereum...

Bitcoin’s discussion rate on social media skyrockets as the market awaits the U.S. SEC’s approval of the spot ETH ETF.on X , Santiment noted that the surging social media discussions about the leading cryptocurrency asset have been mostly positive, with the market making more buy calls than sell calls.

This is because the surge in BTC buy calls among its traders is often due to speculation and not backed by a corresponding demand for the coin. Therefore, newer investors who need more conviction in the coin’s long-term potential might be hesitant to hold during these periods even with positive social sentiment.

Moreover, BTC’s Market Value to Realised Value ratio returned a high value of 153.19% at press time. The rise in BTC’s funding rates also heightens the likelihood of a short-term correction in its price.

Source: News Formal (newsformal.com)

 

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