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

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ME News message, May 20 (UTC+8), K33 Research stated in a report that this round of the Bitcoin bear market is different, with abnormally pessimistic traders limiting the downside. Bitcoin traders remain on the defensive, reducing the risk of a leverage-driven collapse. Vetle Lunde, head of research, pointed out that the current slow process of bottoming has not repeated the rapid reversal seen after bear-market rebounds in previous cycles; instead, derivatives data points to extreme pessimism. Bitcoin’s 30-day average funding rate has been negative for 81 consecutive days, approaching the longest record in history, and the CME Bitcoin futures annualized basis has fallen to below 2.5%, indicating extremely cautious levels. However, open interest in Bitcoin derivatives remains high, and if prices weaken further, it could trigger volatility. K33 maintains its basic view that Bitcoin falling to $60,000 in February could be the largest retracement of this cycle. (Source: PANews)
BTC0.41%
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