Cryptocurrency

Bitcoin perpetual funding rate turns negative ahead of CPI print – perspective turns bearish

quick take

  • Bitcoin was sold sharply short March 10-13 on news of the contagion over a local bank.
  • Yesterday, Bitcoin broke through $24,000.The perpetual funding rate showed investors going long and open interest increased.
  • However, Bitcoin is being sold short ahead of CPI printing at 1:30 GMT today.
  • While option 25’s delta skew suggests, the put is at a premium to suggest slight bearish sentiment towards the CPI.
Option 25 Delta Skew: (Source: Glassnode)
Futures Perpetual Funding Rate: (Source: Glassnode)
Futures Perpetual Funding Rate: (Source: Glassnode)

 

Post Bitcoin perpetual funding rate turns negative ahead of CPI printing.

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