🤔 $XRP #K33Research : Was XRP's 7% reaction to the announcement of Grayscale's re-launch of its close-ended trust justified?

Data from the past trust hint at low demand for XRP exposure via trust structures.

From 2018 to its dissolution in 2021, Grayscale's XRP trust attracted a meager $19.2M.

📊 $BTC #K33Research : Persistent bearish sentiment has pushed average 30-day funding rates into negative territory. Historically, this has coincided with market bottoms.

📊 #K33Research : $BTC futures open interest (OI) is down 11% (yearly low) and altcoins are down to their lowest since February 2023.

📊 #K33Research : Market conditions look ripe for a short squeeze. Notional open interest in $BTC has jumped by 30k BTC since August 13th, with funding rates persistently negative. Weekly average funding rates have reached their deepest negative level since March 23rd.

📊 $BTC #K33Research : 3Q is historically the weakest period for bitcoin, while 4Q is the strongest.

🤔 $BTC #K33Research : The market will have to absorb $4 billion to $7 billion of bitcoin selling pressure throughout the middle of the year, which will weigh on prices.

We expect these flows to burden performance in the months to come and the choppy market conditions to last until October.