When analyzing bitcoin cycles, futures markets are of particular interest.
Futures provide an opportunity to bet both on an increase and a decrease in price without owning the asset itself. At the same time, most exchanges offer leverage up to x100 – a paradise for gamblers. It is the ability to place a bet without having the asset itself, and large leverage that led to the fact that the most bitcoin trade volume is made on futures, and the difference with spot volumes is usually several hundred %.
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