Insights

Bitcoin perps most negative since FTX collapse as BTC continues to be withdrawn from exchanges

exchange68September 13, 2024

0 0 1 minute read

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The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.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

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.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.