No sign of relief in futures
Futures premiums remain extremely low, as the morning recovery contributes little to improving the market risk appetite.CME traded most of the last week in backwardation, caused by growing inflows to BITI, as traders positioned for further downside in BTC.Preview
Tuesday morning strength sends funding rates to neutral levels
Funding rates are neutral for the first time since September 13th.Preview
BTC denominated open interest at all-time high
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A different kind of bear market?
Comparing 2018 funding rates to the current regime
Perps behave very differently during the 2022 bear market compared to 2018. In 2018, funding rates periodically pushed above neutral levels, while the negative extremes were far lower than in the current bear market.Preview