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

CPI year-over year is forecasted to come in at 6.0%, while Bitcoin becoming significantly shorted yet again.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

  • Bitcoin was heavily shorted from the 10th to the 13th of March on the news of contagion around the regional banks.
  • Yesterday, Bitcoin broke $24,000 as the perpetual funding rate showed investors were going long and open interest increased.
  • However, ahead of the CPI print today at 12:30 GMT, Bitcoin is being shorted.
  • While options 25 delta skew suggests, puts are at a premium to suggest slight bearish sentiment heading into CPI.
Options 25 Delta Skew: (Source: Glassnode)
Options 25 Delta Skew: (Source: Glassnode)
Futures Perpetual Funding Rate: (Source: Glassnode)
Futures Perpetual Funding Rate: (Source: Glassnode)

 

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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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