Bitcoin Rises to $64,300 as Funding Rates Hit 20-Month High
Bitcoin gained about 1% on August 17 to trade near $64,300, while the S&P 500 slipped 0.5%. Glassnode says the crypto's three-month relative lag versus equities is the longest in six years.
Bitcoin finished August 17 near $64,300, up about 1%, while the S&P 500 declined 0.5%. Glassnode noted that over the past three months bitcoin has outperformed the stock index on only one of every three days, marking its longest stretch of relative weakness versus the S&P 500 in six years.
Derivatives markets showed a more optimistic tilt. Bitcoin funding rates reached a 20-month high, and most traders are holding long positions, signaling positive sentiment in crypto derivatives.
Analysts described the current market structure as stable but cautioned that periods of high leverage are often followed by volatility and liquidations.
Source: ForkLog