Short bias stays strong

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26 Aug 2024

Short bias stays strong

Funding rates reign negative while open interest pushes higher after BTC's strong Jackson Hole rally. This week, we dive deeper into the poor ETH ETF flows and the absorption of 188,500 BTC throughout the summer.

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The Fed Pivot

Bitcoin (5%) made a substantial recovery, pushing to highs above $65,000 following the Jackson Hole meeting. Powell indicated the long-awaited Fed pivot is now imminent. The market now expects four rate cuts for the end of the year. Powell outlined that potential U.S. job market weakness is now the main concern for the Fed. Considering this, we expect job market data to have a greater impact on markets than inflation data going forward.

CME traders dial back aggression

Exposure on CME rose to a one-month high of 158,700 BTC last week a