Price vs. futures funding
BTC · 7d+0.5%
Funding (annualized)+6.5%
Perpetual-futures funding is stretched against spot price action, a positioning read that can precede mean reversion.
Market Pulse
What is the market hinting at right now?
Where indicators that usually move together are pulling apart. Those divergences are the clearest hints the market leaves.
Data through 08-17
Current reading
Diverging signals
Major indicators are mostly moving together right now
No divergences beyond the minimum-move threshold in the current data.
Within thresholdNo divergences right now 6
ETF flows vs. price
ETF · 7d cumulative−$162.2M
BTC · 7d+0.5%
US spot-ETF flows and bitcoin's price are moving out of step.
Backtest This divergence appeared 5 times over ~2 years; over the 14 days after, BTC averaged -0.8% (completed sample n=4, all-period avg +0.5%). Small sample, for reference only.
Stablecoin liquidity vs. price
Stablecoins · 7d+0.0%
BTC · 7d+0.5%
Stablecoin liquidity and price are diverging, a gauge of dry powder entering or leaving the market.
Rates vs. risk assets
US 10Y · 5d+3bp
BTC · 5d+1.4%
US Treasury yields and risk assets are pulling in different directions.
Backtest This divergence appeared 62 times over ~2 years; over the 14 days after, BTC averaged +2.4% (completed sample n=62, all-period avg +0.5%). Past occurrences only; no guarantee of future returns.
Kimchi premium
Current premium−0.4%
7d change—
Korea's ‘kimchi’ premium is diverging from the global spot price, a read on local demand pressure.
Backtest This divergence appeared 79 times over ~2 years; over the 14 days after, BTC averaged 0.0% (completed sample n=76, all-period avg +0.5%). Past occurrences only; no guarantee of future returns.
On-chain sentiment vs. price
BTC · 7d+0.5%
NUPL / MVRV Z0.17 / 0.36
On-chain holder sentiment and price are out of alignment.
See the dedicated kimchi premium page →
Past occurrences are observations only and do not guarantee future returns. This material is for information only and is not investment advice or a solicitation to buy or sell any security.
Free data notes
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