) after its price collapsed 20% over 48 hours. Zhu went as far as saying that he would continue to buy"any panic dump," despite acknowledging that Ethereum fees were unsuitable for most users.
On the other hand, a red alert emerges whenever this indicator fades or turns negative, a scenario known as"backwardation."Notice how the indicator held the 5% threshold despite the 52% price correction in 75 days. Had pro traders effectively entered bearish positions, the basis rate would have flipped closer to zero or even negative. Thus, data shows a lack of appetite for short positions during this current corrective phase.
This indicator might be interpreted as bearish when considering that arbitrage desks and market makers are overcharging for downside protection. Still, this metric is backward-looking and usually predicts market bottoms. For example, just two weeks after the skew indicator peaked at 17% on July 5, Bitcoin price bottomed at $29,300.It is worth noting that Bitcoin has been on a downtrend for the past 75 days, and this is before theon Dec. 15.
noshitcoins The dip is over. Now we will only go up.
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