Funding surged at one point to 0.5% but now coming down some while just over $1 billion in the past 24 hours with Binance’s degen users yet again leading.
Bitcoin entered the weekend with a very strong move as the leading crypto asset made a new all-time high just as the $1,400 stimulus checks to Americans have also started coming in.
The digital asset broke the Feb. 21st ATH of $58,350 and climbed to nearly $60,266 on Bitfinex, $60,200 on Binance, and $60k on Coinbase. A “significant negative” price gap between Coinbase and Binance shows this surge came from stablecoin buying power, per CryptoQuant.
“The bears’ last stand is the $57,800 level, and it looks like we might be seeing that battle play out before the week is over,” and we did. On the downside, around $55k, he sees levels “supported by dip-buying bulls and dip-buying bears alike.”
This momentum saw the funding rate on futures platforms also rising fiercely. Bitcoin’s perpetual funding rate reacted to the bulls, and at one point, longs paid 0.5% to shorts on Deribit, as per Viewbase.
1 – Flat
2 – Ramp up
3 – Euphoria
4 – Profit Taking
5 – Capitulation
6 – Repeat pic.twitter.com/TosoJz5iE7
— Permabull Niño (@PermabullNino) March 13, 2021
Liquidations were relatively small today as in the past four hours only about $360 million got rekt while 195,975 traders were liquidated for just over $1 billion in the past 24 hours.
And of course, much like always, Binance users were leading the liquidations, which is no surprise given that in the first two months of the launch of Binance Futures, an average of more than 60% of platform traders were using 20x or higher leverage and 21% of traders an eye-popping 125x leverage.
The new ATH came just a day after MicroStrategy purchased an additional 262 BTC for $15 billion that brought its total holdings to 91,326 BTC. Michael Saylor, CEO of MicroStrategy said,
“People still aren’t sure: Are we crazy or are we not crazy?”
“The only way to get economic security is to invest in scarce assets that are not going to be debased by currency expansion. That is the environment that led us to decide we should consider Bitcoin as a treasury reserve asset.”
While Bitcoin bull Saylor continues to move towards 100k BTC holdings, much like the price, the number of addresses with a balance of more than 1k BTC has seen a drop.
According to analyst Lex Moskovski of Moskovski Capital, it could be larger addresses splitting for custody purposes or whale selling.
Amidst all this, Elon Musk, the CEO of Tesla, which also has invested in Bitcoin, made another tweet in support of the cryptocurrency.
“BTC (Bitcoin) is an anagram of TBC(The Boring Company) What a coincidence!” tweeted Musk. “Both do mining & use blocks & chains.”