There is scope for fresh longs entering the market, paving way for a sustained push north on the charts…, a contributor at on-chain analytics platform CryptoQuant, Bitcoin’s funding rates dropped sharply over the week. In fact, at press time, it was at levels which he deemed as “neutral.”Typically, drops in funding rates indicate a shakeout of over-leveraged bullish traders. The funding rates soared when BTC hit its new ATH mid-March, a sign of an overheated market.
However, with reprieve from Genesis’ end, GBTC outflows could slow down significantly, allowing other ETFs to offset this with high inflows, potentially leading to Bitcoin’s rise again.Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations , he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies.
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