What Does Low Funding Rate Mean For Bitcoin Price After 10K Rally?

Bitcoin was above a critical support zone this weekend. At the time of writing this article, BTC is trading horizontally at $ 56,662 on the daily chart. On the weekly chart, the top cryptocurrency by market cap has 12.8% after raising $ 10,000 from the upper zone in the $ 40,000 range. BTC is moving sideways on the daily chart. Source: BTCUSD Tradingview Bull sentiment seems to be returning to the crypto market, and many investors are waiting for new peaks in the near term. Meanwhile, BTC could consolidate at its current level with $ 54,000 as a critical support area, as the merchant Byzantine General has shown there is a large concentration of investors buying around these levels. Source: Whalemap via Byzantine General. According to Young Ju, "massive Bitcoin was transferred" to all exchanges. Perhaps because of OTC (Over-the-Counter) deals made by institutions that still accumulate BTC. Inclusion of CryptoQuant CEO: A huge premium from Coinbase could indicate that institutional investors are buying in the United States. A significant amount of BTC was transferred to derivatives exchanges on other exchanges, which means whales can open a long position using their BTC as collateral. It happened during the dive. Source: CryptoQuant Other data from analyst William Clemente show an increase in the total volume of stablecoin Tether (USDC) transfers to exchanges. When the statistics went up last, Tesla announced that he was buying Bitcoin. The analyst believes that the demand for BTC in the market is increasing and could contribute to a higher valuation. At the same time, funding rates remained relatively low during the BTC rally. Therefore, and despite the increase in whale activity, the analyst believes the rally was driven organically by spot market investors. Clemente added: "The price is likely to be much higher

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