A noteworthy phenomenon has recently been observed: a strong correlation between Bitcoin and certain market indices has piqued interest. Two indices, in particular, stand out.

The first is the weighted index of the Taiwan Stock Exchange Corporation (TSEC), which encompasses all the stocks traded on the Taiwan Stock Exchange, with weights assigned based on each one's market capitalization. Remarkably, in March, this index exhibited a correlation of 84.54% with the price of Bitcoin, indicating a significant synchrony between the price movements of Bitcoin and the performance of this specific index.

Another index that deserves attention is the CAC 40, which tracks the 40 largest companies listed on the Euronext Paris stock exchange. This index has also shown a strong correlation with Bitcoin, reinforcing the idea that trends in the cryptocurrency market and traditional stock markets may be more interconnected than previously perceived.

The ability to accurately map these correlations stems from our extensive monitoring of a wide range of indices, stocks, and Forex markets. This monitoring allows us to identify emerging trends and provide valuable insights into the traditional market and its direct impact on the cryptocurrency universe. We share these findings and curiosities to enrich understanding of the interplay between traditional markets and cryptocurrencies, highlighting the importance of a holistic analysis for investors and enthusiasts.

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🔥Net positions in the derivatives market indicate large concentrations of Longs, which could support a correction in the Bitcoin price. The Liquidity Zone monitors settled positions of Longs and Shorts, as well as displays an Open Interest profile to identify where there was a higher influx of leveraged money. When the price turns red, it signals many Shorts, and the price tends to move against this trend; recently, it was blue, indicating many Longs.

Open Interest reached historic highs, with values approaching $40 billion, showing that the price in 2024 is much more leveraged than in 2021, when the highs varied around $26.5 billion (including FTX).

When the market exhibits high Open Interest, it signals optimism. However, it's important to highlight that this increases the possibility of mass liquidations and support breaks, which creates a lot of confusion for many technical analysts. The derivatives market has gained incredible proportions, while many newly arrived traders are already positioning themselves in leveraged trades. The big problem is that only a fraction of experienced traders are actually profiting. Analysis of the derivatives market has become essential in cryptocurrencies.

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