Bitcoin perps most negative since FTX collapse, while Bitcoin continues to be withdrawn from exchanges

Fast Take

The second most quantity of Bitcoin withdrawn from exchanges this yr at roughly 15,000 BTC.
The perpetual funding price is extraordinarily unfavourable, indicating Bitcoin is being shorted aggressively by report quantities because the FTX collapse.
Buyers are making a “stablecoin,” shopping for Bitcoin and shorting cross 1x inverse to realize an artificial USD.

Futures Perpetual Funding rate: (Source: Glassnode) — Futures Perpetual Funding price: (Supply: Glassnode)

Exchange Netflow: (Source: Glassnode) — Change Netflow: (Supply: Glassnode)

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