Bitcoin perps most negative since FTX collapse, while Bitcoin continues to be withdrawn from exchanges

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• The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.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

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