{"id":57818,"date":"2022-02-15T16:32:33","date_gmt":"2022-02-15T14:32:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57818"},"modified":"2025-09-04T13:40:26","modified_gmt":"2025-09-04T10:40:26","slug":"glassnode-crypto-investors-de-risk-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-crypto-investors-de-risk-ahead-of-fed-meeting\/","title":{"rendered":"Glassnode: Crypto investors de-risk ahead of Fed meeting"},"content":{"rendered":"<p>Bitcoin investors reduced leverage and hedged by buying put options in anticipation of the Fed&#8217;s March meeting. This is the conclusion reached by Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Amidst macro headwinds, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> investors have opted to close out leverage, buy put option insurance, and de-risk ahead of Fed rate hikes expected in March.<\/p>\n<p>We also analyse whale, miner and investor on-chain supply dynamics.<\/p>\n<p>Read The Week Onchain\ud83d\udc47<a href=\"https:\/\/t.co\/CUrpfv8uds\">https:\/\/t.co\/CUrpfv8uds<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1493223510835179520?ref_src=twsrc%5Etfw\">February 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the on-chain indicators, the market is in balance and shows no signs of fear or panic. Miner and whale balances remain unchanged.<\/p>\n<p>Unlike previous cycles, market participants prefer reducing risk via derivatives rather than selling on the spot market. Glassnode sees this as the market maturing, characterised by rising liquidity and the emergence of more sophisticated risk-management tools.<\/p>\n<p>The futures curve ahead of March 2022 took on a flatter shape. In the period to December, the premium stood at a &#8216;modest&#8217; 6% on an annualised basis. This suggests there is no expectation of a wild bullish impulse.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"619\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-623-1024x619.png\" alt=\"Glassnode: \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u0441\u043d\u0438\u0437\u0438\u043b\u0438 \u0440\u0438\u0441\u043a\u0438 \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u044f \u0424\u0420\u0421\" class=\"wp-image-165232\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-623-1024x619.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-623-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-623-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-623-1536x928.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-623.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Open interest (OI) on Bitcoin futures declined to below 1.75% of total market capitalization. The last time such low leverage values were observed was from December 4 to 21.<\/p>\n<p>Analysts emphasised that the decline occurred not due to liquidations but due to investors&#8217; reluctance to take on risk amid macroeconomic uncertainty.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-518-1024x590.png\" alt=\"Glassnode: \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u0441\u043d\u0438\u0437\u0438\u043b\u0438 \u0440\u0438\u0441\u043a\u0438 \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u044f \u0424\u0420\u0421\" class=\"wp-image-165233\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-518-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-518-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-518-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-518-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-518.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode<\/figcaption><\/figure>\n<\/div>\n<p>On the market for Bitcoin options, investors shifted focus to buying puts with strikes from $38,000 to $40,000. Open interest for them was more than 2.5 times the level of calls at the most popular strike prices between $48,000 and $50,000. The put-to-call ratio has been rising since January.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-314-1024x589.png\" alt=\"Glassnode: \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u0441\u043d\u0438\u0437\u0438\u043b\u0438 \u0440\u0438\u0441\u043a\u0438 \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u044f \u0424\u0420\u0421\" class=\"wp-image-165234\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-314-1024x589.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-314-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-314-768x442.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-314-1536x884.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-314.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode<\/figcaption><\/figure>\n<\/div>\n<p>In contrast to the typical rise in exchange balances seen during risk-off periods (for example, May\u2013July 2021), there is currently a net outflow of coins from centralized platforms. Its monthly pace has accelerated, reaching about 42,900 BTC.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-197-1024x590.png\" alt=\"Glassnode: \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u0441\u043d\u0438\u0437\u0438\u043b\u0438 \u0440\u0438\u0441\u043a\u0438 \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u044f \u0424\u0420\u0421\" class=\"wp-image-165235\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-197-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-197-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-197-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-197-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-197.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<br \/><\/figcaption><\/figure>\n<\/div>\n<p>7.2% of the 18.85% of the total market supply attributed to short-term holders (coins held for less than 155 days) returned to profitability. This happened as Bitcoin&#8217;s price moved back above $44,000.<\/p>\n<p>In other words, over the past three weeks roughly 1.78 million BTC have changed hands in the $33,500\u2013$44,000 range. This points to underlying demand, according to the analysts.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-118-1024x590.png\" alt=\"Glassnode: \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u0441\u043d\u0438\u0437\u0438\u043b\u0438 \u0440\u0438\u0441\u043a\u0438 \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u044f \u0424\u0420\u0421\" class=\"wp-image-165236\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-118-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-118-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-118-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-118-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-118.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>As JPMorgan analysts estimated the fair value of digital gold <a href=\"https:\/\/u1f987.com\/en\/news\/jpmorgan-bitcoin-trades-about-12-above-its-estimated-fair-value\">at $38,000<\/a>.<\/p>\n<p>Earlier a bank poll showed that more than 40% of clients <a href=\"https:\/\/u1f987.com\/en\/news\/jpmorgan-41-of-clients-expect-bitcoin-to-reach-60000-by-end-of-2022\">expect Bitcoin to reach $60,000<\/a> by the end of 2022 and only 5% believe the price will reach $100,000.<\/p>\n<p> Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin investors reduced leverage and hedged by buying put options in anticipation of the Fed&#8217;s March meeting, according to Glassnode analysts.<\/p>\n","protected":false},"author":1,"featured_media":57819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1273,1145],"class_list":["post-57818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=57818"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57818\/revisions"}],"predecessor-version":[{"id":57820,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57818\/revisions\/57820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/57819"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=57818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=57818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=57818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}