Crypto Market to Stay Highly Correlated to Stocks Amid Macro Events and Dwindling Network Activities, Citi Says

“ETFs have seen net outflows, layer 1 activity has fallen or stagnated and funding rates remain very low,” analysts led by David Glass wrote. Funding rates are the difference between price of the perpetual futures and the spot price of digital assets. A positive funding rate indicates that perpetuals are trading at a premium to the spot price, indicating increased demand for bullish bets.

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