Wen moon? Data shows pro traders becoming more bullish on Bitcoin price

Wen moon? Data shows pro traders becoming more bullish on Bitcoin price
© Reuters.

The $4,700 Bitcoin (BTC) price spike on Nov. 29 was likely a great relief for holders, but it seems premature to call the bottom according to derivative metrics.

This should not come as a surprise because Bitcoin price is still 15% below the $69,000 all-time high set on Nov. 10. Just 15 days later, the cryptocurrency was testing the $53,500 support after an abrupt 22% correction.

Bitcoin 3-month futures basis rate. Source: Laevitas.ch
OKEx USDT/BTC margin lending ratio. Source: OKEx

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