How Bitcoin’s new ATH shifted market expectations (Santiment Weekly Pro report)

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Feb 13, 2021

Bitcoin logs another massive (+25.7%) week, propelled by Tesla’s $1.5bn investment and rumours of other institutionals joining the fray.

But is there more gas in the tank? How has the new price ATH shifted market expectations, and what is Bitcoin’s on-chain data saying about breaking the coveted $50k mark?

We cover it all here, in our weekly Pro report:

Bulls galore

With Bitcoin charting a new price all-time high twice in the last 72 hours, the general market sentiment has promptly switched back to overwhelmingly bullish.

According to data from Bitmex, Bitcoin’s funding rate has mushroomed since the ATH breach, soaring to 0.18% on Tuesday - the highest level since June 2019:

BTC, Bitmex perpetual contract funding rate, past 6 months (Source: Sanbase)

The funding rate is a fee paid by one side of the perpetual contract to the other.

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