![Bitcoin perps most negative since FTX collapse as BTC continues to be withdrawn from exchanges](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-3.jpg&w=70&h=37&q=75)
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- The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.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.ย
![Futures Perpetual Funding rate: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/03/per1.png)
![Exchange Netflow: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/03/bye.png)