Glassnode: There Are Positive Shifts in BTC’s Fundamental Metrics

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Constructive medium-term and long-term trends are being formed in the context of a decrease in activity in the Bitcoin derivatives market, Glassnode analysts have concluded.

Over the past year, trading volumes, implied volatility and spreads to the spot market have fallen to all-time lows, all of which was facilitated by price consolidation since mid-January.

The funding rate for perpetual contracts started to contrast sharply with the previous months, which were characterized by periods of active build-up of longs and shorts.

In terms of annual rates, the funding rate, as well as the cost of rolling into the next quarterly futures, began to look unattractive for market makers. The company experts believe such market conditions create prerequisites for the flow of capital into segments with a different risk and return profile, especially given the jump in annual inflation to 8.5% in the US.