Can BTC follow ETH to a new price high? (Santiment Weekly Pro Report)
With Ethereum breaching a new price ATH yesterday, it seemed like the stage was set for another strong BTC push above $60k to end the week.
Not to be, it seems, as Bitcoin lost -4.2% over the past 12 hours, dropping to as low as $57,300 at the time of writing.
Short-term jitters, or early days of another strong correction? Let’s take a look at Bitcoin’s latest on-chain and social activity data, and what it says about the current state of the benchmark cryptocurrency.
Funding rate explodes
As ETH entered price discovery yesterday, we saw a flurry of funding rate spikes across high-volume exchanges, affecting not just Ethereum but virtually all of top-caps.
The perpetual contract funding rate is a fee paid by one side of the contract to another. If the funding rate is high, Bitcoin longs are paying
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