Thread by @Diversitas_LTD

Morning update:

Not much has changed in terms of the on-chain data.. Whales keep accumulating while the crowd thinks we are in a bear market😂

According to text data from more than 1000 social channels, we can see that sentiment is back in overwhelmingly bearish territory👀

Since the crowd tends to be wrong most of the time, this is usually a very bullish sign. As you can see from the chart, we usually bounced in this area! #BTC

Bearish bias can be further confirmed by looking at the funding rates. The funding rate is a fee paid by one side of the perpetual contract to the other. When it’s positive, it indicates a prevailing bullish bias among derivative traders, since BTC longs are paying BTC shorts.

When it’s negative, it signals a more negative outlook, as BTC shorts are paying BTC longs.

This is the case at the moment and further confirms the bearish bias among traders👀 #BTC

While some people are bearish, Mexico’s third wealthiest man explained in an interview why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years🔥

Watch this video and think about the things he said for a second. If you are still bearish after watching this, read the whole week of updates that I wrote so you get the idea of where the industry is headed. And after you do those 2 things, trust me, you won’t be bearish!😉 #BTC

Don’t get fooled by the short-term price movement... We are about to witness the biggest wealth transfer in modern history! Do not get shaken out, be part of the change!💚 #BTC

Have a great day!🤟