Circling Back — July 9

Chart of the Day

In the Negatives. History repeats itself — BTC futures perpetual funding rates in the period after mid-May is starting to look a lot like the negative funding rates seen in March to April 2020. We may remember these two dark months as the aftermath of the abrupt Black Thursday crash and while nowhere as severe, BTC is seeing a prolonged market drawdown in recent times. With a majority of traders consistently shorting in expectation of a bearish market, others are looking to catch the falling knife before BTC returns to life.

Talk of the Town

Coming Full Circle. A successful $440 million fundraising round in June and now, a potential $4.5 billion valuation with a public listing in the works — Circle, known best for its stablecoin USD Coin (USDC), is certainly taking things up another notch. The company has ironed out a SPAC deal with Concord Acquisition Corp. Going public will mean greater transparency over USDC and its reserves, as it leads the pack for crypto companies, and not just digital asset exchanges, to pursue a path in traditional financial markets.