“A rocky November may have set the stage for a December to remember,” stated Coinbase Institutional on Tuesday.
The firm stated that its “systemic leverage ratio,” which tracks purely speculative positioning, has stabilized at around 4% to 5% of total market capitalization, and is down from 10% this summer.
The “cautious optimism” has come about because “speculative excess has been flushed out,” it stated, explaining that the market structure is healthier now.
“Lower leverage = healthier market structure + less vulnerability to sharp drawdowns heading into year-end.”
December Shaping Up For Santa Rally
Bitcoin experienced its second-worst November in history, recording a 17.7% loss over the month. The worst November was in 2018 when it dumped 36.6%, according to Coinglass. On average, November is usually the best-performing month for the asset.
December is already shaping up much better as BTC is up 2.3% so far this month. However, it has a long way to go to beat
We współpracy z: https://cryptopotato.com/bitcoin-set-for-santa-rally-as-systemic-leverage-drops-coinbase/
