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Fed rate pause triggers traders’ pivot to stocks — Will Bitcoin catch up?

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Equities markets are lifting off to new year-to-date highs while Bitcoin price action remains out of sync with the trend. noshitcoins explains why.

the rally to come under pressure in the second half of 2023 “if growth stalls in absolute terms."

OKX, for instance, provides a margin-lending indicator based on the stablecoin/BTC ratio. Traders can increase their exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only bet on the decline of a cryptocurrency’s price.The above chart shows that OKX traders’ margin-lending ratio has been declining since June 10, indicating the overwhelming dominance of longs is over.

The opposite movement happened at Binance, as top traders reduced their long-to-short ratio to 1.18 on June 15 but subsequently added longs, and the indicator stands at 1.25. Albeit an improvement, Binance’s top traders' long-to-short ratio is presently in line with the previous two-week average.Bitcoin’s price gains are capped despite resilience in derivative metrics

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