Thanks. Also, worthwhile information might be that miners, i.e., "commercials," are extremely underpaid for the fourth week in a row (since the BTC halving) and have stayed NET short for five weeks in a row. However, last week, "commercials" went slightly NET long but are still neutral. With options interest included, positions look similar but a tad more extended. Perpetual futures exchange BitMEX is showing negative OI-weighted funding rates (a bunch of shorts) but are nearing the zero line. They are "often" right in aggregate but also flip in a second. This market is heavily dependent on FOMO liquidity and lately that would be US ETFs thus Coinbase premium (proxy for US ETF buying) might show us the direction post CPI report later today.
Thanks. Also, worthwhile information might be that miners, i.e., "commercials," are extremely underpaid for the fourth week in a row (since the BTC halving) and have stayed NET short for five weeks in a row. However, last week, "commercials" went slightly NET long but are still neutral. With options interest included, positions look similar but a tad more extended. Perpetual futures exchange BitMEX is showing negative OI-weighted funding rates (a bunch of shorts) but are nearing the zero line. They are "often" right in aggregate but also flip in a second. This market is heavily dependent on FOMO liquidity and lately that would be US ETFs thus Coinbase premium (proxy for US ETF buying) might show us the direction post CPI report later today.