Bitcoin ($BTC) is presently moving calmly, indicating a potential rebound in the coming day. As per the reports, the most awaited Bitcoin conference has kicked off in Las Vegas, raising hopes for a reversal in $BTC’s price amid the relatively calm price movement. In this respect, the Bitcoin enthusiasts are currently focusing on the Las Vegas event for a potential bull run.
Vegas Event Raises Hopes for Huge Price Spike Amid Bitcoin’s Calm Price Movement
The much-anticipated Bitcoin Conference has commenced, with traders dynamically hedging against likely surprises. However, Singapore-based QCP Capital has warned the users about the misleading nature of Bitcoin’s present stability. Keeping this in view, options traders are recompensing a premium to have a provisional downside protection.
The conference features industry giants like Strategy’s Chairman Michael Saylor, Vice President JD Vance, and the President Donald Trump’s two sons. Hence, the event is considered to trigger significant volatility in the next few days. On the other hand, the Nashville event of last year led to a 30% dip in Bitcoin’s price following President Trump’s speech.
Nashville Event-Led Price Pull Back Haunts Bitcoin Community
That Nashville event-led thirty percent backfire of 2024 has been haunting the community until now. Nonetheless, though QCP does not anticipate a repeat, it recognizes that the market members stay defensive. Additionally, the open interest in perpetual futures has also dropped while funding rates have been neutralized. Apart from that, the notable traders such as James Wynn are also reducing the leverage.
Nevertheless, irrespective of the caution, the cash reserves in the U.S. $BTC spot ETFs are continuously growing. Thus, just on May 23, the respective products added 7,869 $BTC, highlighting the most robust capital inclusion since April. Moreover, weekly cumulative inflows have also touched $2.75B. Furthermore, as Vegas is expected to ignite a large-scale reversal, the market participants are eyeing a potential bull market in June.
