Can BTC follow ETH to a new price high? (Santiment Weekly Pro Report)

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Ibis
Apr 4, 2021

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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Assets from this insight

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BitcoinBTC

$ 55414.31

7.72%in last 7d
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