Crypto Analysis: Korean Market Influences Bitcoin Futures Funding Rate
CryptoNewsTerminal Staff19 Aug, 2024
Crypto Analysis: Korean Market Influences Bitcoin Futures Funding Rate
Summary This article analyzes the correlation between the Korean cryptocurrency market and the Bitcoin perpetual futures funding rate. The analysis is based on data from Matrixport, a cryptocurrency service provider. Matrixport reports that the trading volume of the Korean cryptocurrency market and the funding rate of the Bitcoin perpetual futures have been shown to have a high correlation. This means that Korean traders have a significant presence in the market. When the Korean trading volume decreases, the BTC perpetual futures funding rate also decreases. As the trading volume of Korean exchanges has recently fallen below 1 billion US dollars for three consecutive days, the funding rate may fall further. The upcoming Korea Blockchain Week (KBW) may also help to restore trading volume and sentiment. Implications The analysis has several implications. First, it suggests that Korean traders have a significant impact on the Bitcoin futures market. Second, it suggests that the Korean cryptocurrency market is a key driver of the Bitcoin perpetual futures market. Third, it suggests that the upcoming Korea Blockchain Week may have a positive impact on the Bitcoin futures market.
