By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock, who are publicly listed in Canada (TSXV:BLOK)
Bitcoin (CRYPTO: BTC) has surged 15% from the lows of $33,000 on Monday, whilst funding rates have turned very negative (as shown below), signaling that short-positioned traders are dominating the derivative market. This indicates that Bitcoin's bounce was driven by spot rather than derivatives, which is confluent with the significant bidding seen on Coinbase (NASDAQ:COIN). The fact that funding is negative suggests there is still fear in the market, as participants are generally shorting this rally.
