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Bitcoin perps most negative since FTX collapse as BTC continues to be withdrawn from exchanges Bitcoin perps most negative since FTX collapse as BTC continues to be withdrawn from exchanges James Van Straten · 2 years ago
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Bitcoin perps most negative since FTX collapse as BTC continues to be withdrawn from exchanges

Over 15k Bitcoin left exchanges yesterday, while perps are the most negative since FTX collapse

James Van Straten / @jvs_btc / Mar. 12, 2023 at 4:00 pm UTC

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  • The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.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)
Analyst

James Van Straten

Former Lead Analyst at 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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