First signs that Bitcoin is getting a little overbought with the daily funding rate jumping a little. Furthermore, futures basis has moved into backwardation for the first time since early Maypic.twitter.com/zqHAW66fGc
Shorting Bitcoin when the funding rate is high has, historically, been a terrible strategy.
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You get positive carry but you’re always trading counter trend, and momentum in Bitcoin has always been pretty strong.
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it's historically been a good strategy and tends to pick tops and bottoms (when fr is low) but requires patience and deep pockets
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Hmm, a quick sim looks decent from 2018-2020, but I think you'd still be underwater from trying to short it starting in late 2020.
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