Bitcoin breaks new price ATH: On-chain Analysis

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Feb 18, 2021

As has become commonplace, Bitcoin broke another price ATH earlier today, jumping past $52,000 for the first time in history. Here's an early look at the top coin's post-50k fundamentals - and what they say about where we might go from here.

The futures market remains decidedly bullish in light of today’s move, with Bitcoin’s funding rate on Bitmex hovering at 0.17% at the time of writing:

BTC, Bitmex perpetual contract funding rate, past 3 months (Source: Sanbase)

The funding rate is a fee paid by one side of the perpetual contract to the other. When the funding rate is positive, Bitcoin longs pay Bitcoin shorts, and vice versa.

Bitcoin’s funding rate started the day in a strong decline, likely spurred by an uptick in long liquidations that rippled through the market. As DonAlt succinctly put it:

Since breaking $50k,

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