Crypto markets’ rollercoaster week

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Financial Times 11h ago

Crypto markets’ rollercoaster week - Financial Times

Quick Summary:

The arrival of spot bitcoin ETFs in the US has transformed the daily trading volumes of bitcoin.

Unlike two years ago, this wasn’t a mess of the industry’s own making, but instead part of the wider market maelstrom as fears over tech earnings and a potential US recession, plus an unwind of leveraged trades, drove huge moves in global equities, debt and currencies.

Bitcoin funding rates, a measure of the direction of traders’ collective positions, were still positive, indicating the market was betting on further gains.