While CryptoQuant analyst stated that the funding rates in Bitcoin gave positive signals, he explained that the price gained strong momentum thanks to spot ETF purchases.
CryptoQuant analyst named Mignolet attracted attention with his post dated February 15. Bitcoin Stating that the specific futures transactions funding rate is still at lower levels, the analyst said that there is no “overheatingHe pointed out that there is a significant margin for the continuation of the rise since there is no such thing.
Analyst says current funding rates are still below Bitcoin’s 18 thousand dollars He emphasized that the funding rates are hovering around similar levels.
On the other hand, with the USA approving spot Bitcoin exchange traded fund (ETF) applications, he reminded that giant financial companies made billions of dollars of purchases and argued that these purchases added strength to the upward momentum. Among the purchasing companies, especially Fidelity He noted that he poured dollars into Bitcoin directly through the market, which gradually increased the price.
11 companies that received Spot Bitcoin ETF approval were removed from the market in the past month. 11 billion dollars He bought worth of Bitcoin.
