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K33: This round of Bitcoin bear market is different, as "extremely pessimistic" traders have limited the downside potential

MeNews
ME News Report, May 20 (UTC+8), K33 Research stated in a report that this round of Bitcoin bear market is different, with abnormally pessimistic traders limiting downside potential. Bitcoin traders remain defensive, reducing the risk of a leverage-driven crash. Research director Vetle Lunde pointed out that the current slow bottoming process has not repeated the rapid reversal seen after previous bear market rebounds, and derivatives data instead points to extreme pessimism. The 30-day average funding rate for Bitcoin has been negative for 81 consecutive days, approaching the longest record in history, and the CME Bitcoin futures annualized basis has fallen below 2.5%, indicating an extremely cautious level. However, open interest in Bitcoin derivatives remains high, and further price weakness could trigger volatility. K33 maintains a basic view that Bitcoin dropping to $60,000 in February could be the largest retracement of this cycle. (Source: PANews)
BTC-1.90%
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