Bitcoin Futures, Next Bullish Move Preparing?

  

Bitcoin, as the largest cryptocurrency, continues to attract the interest of investors from various circles. One of the interesting aspects of Bitcoin is the futures market which allows traders to speculate on the price of Bitcoin without needing to buy or sell physical coins.

This article will discuss the increase in Bitcoin open interest along with an analysis of the Bitcoin futures market. Read to the end to understand the entire explanation.

Bitcoin Futures Market Analysis

Recent analysis suggests that the Bitcoin futures market may be heading into its second bullish phase. Data from CryptoQuant shows increased leverage in the  BTC USDT futures market, which could be an indication of potential significant price movements.

Source: @ki_young_ju/X

Ki Young Ju, CEO of CryptoQuant, analyzed two important metrics: the ratio of BTC-USDT open interest to reserves and the ratio of BTC-USDT open interest to USDT market capitalization. These two metrics indicate a significant increase in leverage in the Bitcoin futures market.

Increased Open Interest

Bitcoin (BTC) open interest reached a staggering $19.8 billion at 574,680 BTC on October 15. Data from CryptoQuant reflects a significant increase in demand for the largest cryptocurrencies, indicating how much new money has entered the digital asset market in recent months.

The funding rate has surged to the highest level since August, indicating that most of those open positions are long positions expecting further appreciation.

While an increase in open interest is usually a positive indication for Bitcoin price action, some market observers have expressed concerns that increased volatility could be threatened.

The highly leveraged nature of the futures market will eventually pave the way for large-scale liquidations if and when sudden price swings occur.

According to data from Glassnode, a large number of Bitcoin futures contracts are cash-margined and not crypto-margined, meaning they are collateralized by US dollars or dollar-pegged stablecoins and not the cryptocurrency itself.

Bitcoin Price Increase Potential

Source: Market Futures Bitrue

At the moment, Bitcoin price in the Bitrue futures market it was at $67,764 with an increase of 0.78%. Previously, within 24 hours, Bitcoin reached its highest price in the futures market at $68,353.

It can be seen from the BTC price chart excerpt above that the RSI value is 63, which means a trend to buy Bitcoins is much more dominant than the selling trend. However, this dominance is still within reasonable limits, not overbought.

The MACD line appears to have a downward trend, but the position of the line which is still above the threshold indicates that the BTC position is currently strong in its bullish possibility.

An increase in open interest can be a positive indication of Bitcoin's potential price increase. However, keep in mind that the crypto market is highly volatile, and factors such as changes in regulatory policies and technological developments can affect the price of Bitcoin.

Risks to be Aware of

The crypto market is known for its high volatility, so the price of Bitcoin can experience sharp fluctuations. Changes in regulatory policies can also affect Bitcoin prices.

Using leverage can increase potential profits, but also increases the risk of loss. Apart from that, Bitcoin also faces competition from other cryptocurrencies. 

Conclusion

The increase in Bitcoin open interest shows the high interest of investors in the futures market. However, keep in mind that high open interest can also increase the risk of volatility. If the market moves against a trader's position, massive liquidations can occur.

For those of you who are interested in investing in Bitcoin in the futures market, do not immediately invest without studying current market conditions. Do your own research (DYOR) by knowing price statistics, price conversions from BTC to USD, and how the project is progressing. Knowing the fundamentals of a token is also very good for knowing where you stand as an investor.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This Press Release has also been published on VRITIMES

Asuene APAC received the "Singapore Apex Corporate Sustainability Awards" at the 16th GCNS Summit 2024, hosted by the UN Global Compact Network Singapore

  

From left to right: Mr. Bertrand Seah, Senior Consultant at CBRE Singapore; Mr. Masaaki Hamada, Managing Director of Asuene APAC; Dr. Poh-Koon Koh, Senior Minister of State at the Singapore Ministry of Sustainability and the Environment, our Guest of Honor; and Dr. Bicky Bhangu, President of the UN Global Compact Network Singapore.

The Singapore Apex Corporate Sustainability Awards features three categories: "SustainableBusiness," "Sustainable Solutions," and "LowCarbonSG." In each category, 5 to 7 companies are nominated as finalists. Asuene APAC won the Singapore Apex Corporate Sustainability Award in the "Sustainable Solutions" category.

This award is given to solution providers that have contributed to advancing sustainability in society and businesses across the APAC region, particularly in Singapore. Asuene APAC has worked tirelessly to promote its cloud service "ASUENE," a carbon accounting platform, both domestically and regionally. The company’s efforts in promoting corporate decarbonization, along with its promising future potential, were key factors in receiving this honor.

At the award ceremony held at the One Farrer Hotel in Singapore, Masaaki Hamada, ManagingDirector of Asuene APAC, took the stage to receive the award from the Guest of Honor, Dr. Poh Koon Koh, Senior Minister of State for Sustainability and the Environment.

Asuene will continue to support global decarbonization and ESG management from our headquarters in Tokyo, our regional office in Singapore, and our base in the United States.

Together with the Senior Minister, we celebrate Asuene APAC as a finalist in the 'Sustainable Solutions' category

About the GCNS Summit

The GCNS Summit is an event organized by the Singapore chapter of UN Global Compact, focusing on corporate sustainability. This year marks the 16th edition of the summit, known as "GCNS Summit 2024."

Due to climate change and environmental degradation, there is a growing momentum for mandatory environmental, social, and governance (ESG) reporting, including the visualization of CO2 emissions. As a result, the role and responsibility of businesses are increasingly significant.

Achieving net-zero by 2050 requires a fair transition to more sustainable business models.

In this context, the GCNS Summit serves as a platform for meaningful dialogue, collaboration, and action to promote the United Nations Sustainable Development Goals (SDGs) in the Asia-Pacific region, emphasizing the urgency and commitment needed to achieve these goals.

Over the two-day event, influential figures in corporate sustainability from the APAC region, including the President of the UN Global Compact Network Singapore and other board members, delivered speeches and presentations. The summit also included the awarding ceremony for the "Singapore Apex Corporate Sustainability Awards," which Asuene APAC received.

GCNS Summit - Global Compact Network Singapore: https://summit.unglobalcompact.sg/

Comment from Masaaki Hamada, Managing Director of Asuene APAC

"This award represents a significant milestone for Asuene APAC. The UNGC is one of the most prestigious international organizations globally, and its Singapore chapter, GCNS, undertakes a wide range of activities related to promoting SDGs in society and business, including awareness initiatives and talent development. GCNS holds considerable influence over national policies and the business community. Receiving the esteemed 'Singapore Apex Corporate Sustainability Awards' from GCNS will further enhance the trust and recognition of the Asuene APAC brand both domestically and regionally. I would like to express my heartfelt gratitude to our employees, clients, and partner companies who have trusted us and contributed to our growth."

This Press Release has also been published on VRITIMES

‘Going green’: MSMEs commit to go plastic-free, ties up with Greenpeace and DTI-NCR

Micro, Small and Medium Enterprises (MSMEs) may seem miniscule, but a growing number of them are determined to show larger companies that greening the manufacturing and retail sector should be everyone's business.

In an event titled "Reduce, Reuse, Refill: 3Rs to End Plastic Pollution," environmental advocates, the Department of Trade and Industry (DTI) and progressive business groups enjoined other MSMEs to reduce their production and consumption of single-use plastics (SUPs) and adopt more sustainable practices. Said initiative aims to build the capacity of MSMEs to lead the shift toward environmentally responsible business operations.

This brought MSMEs to the Las Piñas-Parañaque Wetland Park (LPPWP) for a field immersion and discussion on Tuesday. The LPPWP, which is home to over 41 migratory bird species and the threatened and endemic Philippine duck,[1] faces severe threats from plastic pollution. The activity sought to raise awareness among local businesses about the destructive impact of SUPs on ecosystems and communities.

"Small businesses are doing their part in decreasing reliance on single-use plastics, and are proving that it is possible,” said Marian Ledesma, Zero Waste Campaigner for Greenpeace Philippines. “There’s no excuse for major corporations not to follow suit.”

MSMEs comprise 99.59% of all business establishments in the Philippines.[2] According to Ledesma, the potential behind their considerable numbers play a pivotal role in sparking changes in the industry. “This includes transitioning prevailing business models away from SUPs and influencing consumers in their respective communities,” she continued.

Participants in the event included fisherfolk, community members, and waste workers who shared firsthand experiences of how plastic pollution affects food security, environment and livelihood. Over 164 million plastic sachets and 57 million shopping bags are discarded every day[3] in the Philippines and much of which are not recycled.[4] Instead, they end up in landfills or waterways, contributing to pollution and the climate crisis.

“Sinisira [ng mga plastic] ang aming mga gamit pangingisda at itinataboy ang mga isda sa malayo. Dagdag perwisyo sa panggastos sa gasolina. Natatabunan at pinapatay [nito] ang mga bahay itlugan, bahura, bakawanan, at mga halamang dagat,” shared PANGISDA Pilipinas Chair Pablo “Ka Pabs” Rosales.

“Nanawagan kami sa ating makakalikasang mga negosyante, na pangunahan ang pag-iwas sa… single-use plastic na siyang pinakamarami sa karagatan at kalat sa kapaligiran. Suportahan ang pagsisikap ng mangingisda na linisin ang baybayin at karagatan para sa pagpapanumbalik ng kasaganaan at luntiang kapaligiran.”

Upstream solutions such as reduction, reuse and refill are aligned with the DTI's Green Economic Development program. These approaches aim to enhance MSME competitiveness by helping businesses adopt climate-smart, environmental-friendly, and inclusive strategies.

"Sustainability is our only option for a better tomorrow; it is a crucial aspect of business resilience and long-term success," said DTI-National Capital Region OIC-Regional Director Winston T. Singun. "There are no businesses to speak of in an inhospitable future, plagued with various environmental crises. MSMEs have the power to make a positive impact not only in our economy, but also our planet."

Following the nature walk were sustainability discussions in Talyer 15 at the Henry Hotel Compound for discussions led by business owners championing sustainable plastic reduction efforts. The session featured entrepreneurs and communities who have successfully employed viable, practical, and innovative alternatives to plastic use, paving the way for a just zero waste transition.

Leading the charge in the “Greening Your Business” discussions are speakers from Back to Basics Ecostore, Newport World Resorts, San Juan Resort Restaurant and Hotel Association (La Union) and Rizza Lana Sebastian. The panelists shared their expertise on how to "green" the supply chain, how to reduce plastics in tourism, and how to practice sustainable communications. Reuse and refill solutions such as those applied by Kuha sa Tingi[5] (Greenpeace Philippines), JuanaZero[6] (Mother Earth Foundation), Sabon Express, and Good Food Community were also tackled to mitigate the crisis.

Greenpeace Philippines is optimistic that more MSMEs take part in interventions that address plastic pollution at the source. A number of attendees have expressed their willingness to break free from plastic and be a part of community-driven solutions that help create a zero-waste system.

The field immersion and sustainability discussion is an initiative under Champions of Change, a growing global collective of forward-thinking businesses committed to transitioning towards a plastic-free future.

Notes to editors:

[1] LPPWP as 6th Ramsar Site in the Philippines

[2] 2022 Philippine MSME Statistics in Brief

[3] Sachet Economy: Big Problems in Small Packets

[4] Production, use, and fate of all plastics ever made

[5] REUSE AND REFILL for a Plastic-Free Future

[6] JUANAZERO: A Zero Waste store of Mother Earth Foundation

Please credit the photos to: Jilson Tiu / Greenpeace

Here’s what the Champions of Change have to say:

“With plastic pollution, there's the obvious issue that it can harm certain marine animals, especially turtles. There have been a lot of studies showing that plastics, especially when they break down into microplastics, can actually threaten coral populations. I think that's why it's really important for us to fight against plastic pollution because they affect the entire marine ecosystem.” — Denise Sze, Marketing Executive of Magwai

"From the mountains of plastic in our cities to the microplastics that are now everywhere, we are causing serious health consequences from chemicals that leach into our waterways. Committing to a plastic-free future is a really important thing. We just need to make that decision on what kind of infrastructure and what kind of culture we need to support this commitment. These are really exciting ways of working with the community so that we can make this happen." — Charlene Tan, Founder & CEO of Good Food Community

"Lagi lang po natin isipin na isa lang naman talaga ang mundo. Hindi tayo pwede magkaroon ng satellite earth or another earth. And ‘yung mga plastic na basura na itinatapon natin in this lifetime, it would take 400 to 500 years to decompose. So, siguro po yung isapuso lang po natin at isaisip yung katotohanan na yan. Siguro ‘yun po ‘yung magda-drive sa ating lahat [para ilaban ang pagbabago]." — Mellany Zambrano, Founder & CEO of Sabon Express

"So with this Global [Plastics] Treaty, what is more exciting about it is the fact that it's looking at the end-to-end supply chain for plastic. It's not just looking at waste management... It's looking at the producers... They're looking not just to penalize the end, but reduce the demand. From the treaty, I want to see more responsibility going back on those companies that are producing plastic bottles." — Rob Boreham, Managing Director of Hospitality Innovations by Quorate Inc.

About Greenpeace Philippines

Greenpeace is a community united by a mission to protect the planet and ensure a green, peaceful future. They’ve led the fight against environmental destruction, advocating for the planet’s rights as part of a global movement that challenges power with courage.

 

This Press Release has also been published on VRITIMES