hodler

Congrats to everyone who followed my analysis on $POPCAT and longed the breakout!#Popcat should keep pumping from here after a quick retest of support. https://t.co/v2keTGi4Vc

$FOXY / $USD - Update Give us that dirty reversal when #Memecoins get going again https://t.co/AjW6VfXz2p

RT @symbiosis_fi: Another post from our Tron stats series! 😇We decided to take a look at which networks most frequently send transactions…

Which #cryptocurrency will turn $10,000 to $1,000,000 ? 👇🏼

$INJ / $USD - Update Bullish above $17.20 https://t.co/wl7BdZKtds

so "paper bitcoin" theory. maybe in a technical sense, however in a market sense which is what matters, it's just not here. no one wants to be short, and you can see that from short duration option chains, high long funding rates, and domination of basis traders vs real shorts.

they would buy physical btc directly rather than buying a perp which a basis trader bought the btc collateral to match. and maybe they'd buy a bit less physical btc as leverage is harder to find. lots of bitcoin ETFs are basis trade collateral. but ETFs are also physical BTC.

and that fact that a short perp exists is because someone bought the long (remember there's a side-contract buyer for every seller), and the basis trader bought the matching physical bitcoin. so if the perp market closed, there's the same demand on physical bitcoin, just

$SOL / $USD - Update Give us that dirty dump higher https://t.co/ttSfS6SN6w

now people might say but if they didnt buy long perps they would buy physical btc. but it's arbitraged - if the perp price is pushed up by people buying them as the have leverage, then someone will sell a perp and buy physical bitcoin to take the price difference.

there is an excess of long speculators thinking bitcoin will go up, so they're willing to pay a high funding rate to be margin long. now more basis traders, opening perp shorts reduces the borrowing cost for those who are long bitcoin. that brings forward demand incrementally.

they bought a physical bitcoin as collateral without being exposed to the upside. the perp short cancels out with the physical btc. they're just doing it to collect interest on their USD as they get paid the funding rate. and funding rates generally run positive again because