Funding Chads UpSep 2, 2021
BTC has lagged for most of this week but finally seems to have found some footing as it makes its way back to $50K. ETH/BTC has pulled back around 3% as a result.
As ETH and other crypto assets started to run, a narrative that trend structure is similar to summer 2020 — where BTC consolidated and everything else rallied — began to emerge. The spike in funding, however, shows us that there’s still demand for BTC in the market as traders began to long BTC in anticipation of it catching up.