Bitcoin perps most damaging since FTX collapse, whereas Bitcoin continues to be withdrawn from exchanges

by Jeremy

Fast Take

  • The second most quantity of Bitcoin withdrawn from exchanges this yr at roughly 15,000 BTC.
  • The perpetual funding charge is extraordinarily damaging, indicating Bitcoin is being shorted aggressively by file quantities for the reason that FTX collapse.
  • Buyers are making a “stablecoin,” shopping for Bitcoin and shorting cross 1x inverse to attain an artificial USD. 
Futures Perpetual Funding rate: (Source: Glassnode)
Futures Perpetual Funding charge: (Supply: Glassnode)
Exchange Netflow: (Source: Glassnode)
Alternate Netflow: (Supply: Glassnode)

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