#Bitcoin demand from calendar futures dropped off a cliff (this tends to reflect sentiment from pro and institutional traders). Contango went into backwardation at levels akin to what we had at our $16k range.
Meanwhile the last 48hrs has seen bullish spot flows at exchanges when BTC dropped to the 19.5k-20.5k range, maybe from people fleeing USDC.
This looks responsible for causing a small short squeezed powered recovery.
Overall corn looks weak in the short term.
npub1cl…xxhme
2023-03-12 20:06:12 CET
Author Public Key
npub1clwvhf87gsn20v02ywd9vda6gratnp3v3jrtxvc0ue0f7en5xhmq3xxhmeSeen on
wss://nos.lolPublished at
2023-03-12 20:06:12 CETEvent JSON
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"content": "#Bitcoin demand from calendar futures dropped off a cliff (this tends to reflect sentiment from pro and institutional traders). Contango went into backwardation at levels akin to what we had at our $16k range.\n\nMeanwhile the last 48hrs has seen bullish spot flows at exchanges when BTC dropped to the 19.5k-20.5k range, maybe from people fleeing USDC.\n\nThis looks responsible for causing a small short squeezed powered recovery.\n\nOverall corn looks weak in the short term.",
"sig": "846e7633b4f64f04754c9ea65ec396e637aabc1f610cf3ce8a7500c2c4abde82fd2b06a1dc4e8991ca0802251985339a85b4e950aac2cf6f611c9fcb4cf6e66d"
}