Bitcoin’s ongoing rally not derivatives or leverage driven
Funding rates on perpetual futures remain neutral, lack of build-up of OI and leverage ratio across exchanges sits below 3-year average.
James Van Straten 1 min read Insights
Data-led research on the narratives, flows, and on-chain signals moving crypto markets.
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James Van Straten 1 min read Latest insights
Bitcoin
Bitcoin funding rate turns slightly negative as markets awaits Fed interest rate decision
Perpetual funding rate turns negative for the first time since March 14
Bitcoin
Bitcoin Coinbase premium index hits record levels
High premium values indicate US investors buying from Coinbase Pro
Bitcoin
Stablecoins being converted into Bitcoin approach a four-year high
As stablecoins continue to leave exchanges, they are being converted into Bitcoin at one of the fastest rates in years.
Bitcoin
Options open contracts hit new ATH – 468K Bitcoin
The notional value of $13 billion seen in options open contracts is the same value during the 2021 bull run.
Bitcoin
Over 50% of the Bitcoin UTXOs that have been created now sit in profit
A huge wall of support, 30% of all UTXOs now sits between the price levels of $15.5k and $28k
Macro
Rules For Thee but Not for Me: Holders of AT1 Credit Suisse bonds get nothing as shareholders get billions
Pre Market Moves: UBS down 5%, Credit Suisse down 7% and First Republic down 33% — AT1 Credit Suisse bond holders at a loss.
Macro
The Fed has capitulated – daily swap lines introduced as Bitcoin feeds off liquidity
Weekly USD swap line operations with the Fed will now become daily experience for five of the main central banks.
Bitcoin
Bitcoin hits $28,000, as UBS buys Credit Suisse for $3.2B
Updates over the weekend: Gold hits ATH, Bitcoin hits $28,000, UBS buys Credit Suisse
Ethereum
Ethereum voluntary exit count explodes in wake of Shanghai upgrade
Second highest voluntary exit count since the merge, further bearish pressure on Ethereum
Macro
Banks resume slide as First Republic gets $30B in deposits
Credit Suisse and First Republic Bank slide during pre-market, while SVB files for bankruptcy.
Bitcoin
Bitcoin open interest drops almost 15% in the past two weeks
Roughly 300,000 Bitcoin has been unwound in Open Interest (OI) contracts since the peak back in October 2022.
Bitcoin
Stealth QE: Feds balance sheet grows $300B, Bitcoin breaks $26,000
Fed balance sheet grows by $300 billion as fed discount window borrowing hits-all time high and BTC breaks $26,000.