Quick Take
- The futures perpetual funding rate has turned negative for the first time since March 14.
- Bearish sentiment could start to creep in as a 25bps rate hike looks to be confirmed by the markets for tomorrow’s FOMC meeting.
- Jerome Powell will also discuss the new fed dot plot and future economic projections, which will tell us more than a potential 25bps rate hike.
- Investors who have been short Bitcoin have had a terrible year so far, but we will expect a lot of volatility tomorrow.
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