Quick Take
The second most amount of Bitcoin withdrawn from exchanges this year at roughly 15,000 BTC.
The perpetual funding rate is extremely negative, indicating Bitcoin is being shorted aggressively by record amounts since the FTX collapse.
Investors are creating a “stablecoin,” buying Bitcoin and shorting cross 1x inverse to achieve a synthetic USD.
Futures Perpetual Funding rate: (Source: Glassnode)Exchange Netflow: (Source: Glassnode)
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