Bullish bitcoin (BTC) sentiment is growing as the cryptocurrency advanced to a fresh all-time high above $63,000 on Tuesday. The annualized premium between the BTC futures price and spot price is now approaching 50% on 3-month contracts. This indicates extreme willingness of traders to obtain upside exposure in BTC futures, according to a new report by Arcane Research, a cryptocurrency research firm.
Funding rates have also skyrocketed in the perpetual swaps market for bitcoin, which indicates extreme upside leverage.
“Most perpetuals are currently trading at a significant premium to spot,” wrote Arcane. “Leverage is an essential ingredient in the recipe for liquidations, and we would not be surprised to see an influx in long liquidations soon.”
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