Bitcoin

Bitcoin perps most negative since FTX collapse, while Bitcoin continues to be withdrawn from exchanges

03/12/2023
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Quick Take

  • The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.
  • The perpetual funding rate is extremely negative, indicating Bitcoin is being shorted aggressively by record amounts since the FTX collapse.
  • Investors are creating a “stablecoin,” buying Bitcoin and shorting cross 1x inverse to achieve a synthetic USD. 
Futures Perpetual Funding rate: (Source: Glassnode)
Futures Perpetual Funding rate: (Source: Glassnode)
Exchange Netflow: (Source: Glassnode)
Exchange Netflow: (Source: Glassnode)

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