Bitcoin perpetual funding rate turns negative ahead of CPI print – perspective turns bearish

Quick Take

• Bitcoin was heavily shorted from the 10th to the 13th of March on the news of contagion around the regional banks.
• Yesterday, Bitcoin broke $24,000 as the perpetual funding rate showed investors were going long and open interest increased.
• However, ahead of the CPI print today at 1:30 GMT, Bitcoin is being shorted.
• While options 25 delta skew suggests, puts are at a premium to suggest slight bearish sentiment heading into CPI.

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