Insights

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

exchange68September 13, 2024

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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)

Futures Perpetual Funding Rate: (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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