{"id":326458,"date":"2021-08-17T11:42:48","date_gmt":"2021-08-17T08:42:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-ways-this-bitcoin-bull-run-is-different-than-late-2020\/"},"modified":"2021-08-17T11:42:48","modified_gmt":"2021-08-17T08:42:48","slug":"3-ways-this-bitcoin-bull-run-is-different-than-late-2020","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-ways-this-bitcoin-bull-run-is-different-than-late-2020\/","title":{"rendered":"# 3 ways this Bitcoin bull run is different than late 2020"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34be060ee10\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34be060ee10\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-ways-this-bitcoin-bull-run-is-different-than-late-2020\/#GBTC_keeps_its_steep_discount\" >GBTC keeps its steep discount<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-ways-this-bitcoin-bull-run-is-different-than-late-2020\/#Funding_rates_lag_price_performance\" >Funding rates lag price performance<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 ways this Bitcoin bull run is different than late 2020 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) is getting compared to late 2020, but this rally in fact has several major differences which make it \u201cnot normal.\u201d<\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/1337_pete\/status\/1426582433546313730\">Pete Humiston<\/a>, manager of Kraken Intelligence Research, Bitcoin in Q3 2021 is a different beast when compared to Q4 2020.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GBTC_keeps_its_steep_discount\"><\/span>GBTC keeps its steep discount<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite going from $29,000 to $48,000 in just one month, Bitcoin is still not seeing a frenzy of interest and buying. <\/p>\n<p>Higher price levels have seen solid support, but there is little evidence of the kind of demand that characterzied the start of this year or the end of the last.<\/p>\n<p>A case in point is the Grayscale Bitcoin Trust (GBTC), which continues to trade at a discount of around 13% to spot price this week.<\/p>\n<p>Even though Bitcoin has increased in price, GBTC demand has not entirely increased in step, and even the discounted rate is not being treated as a steal by many institutional investors.<\/p>\n<p>At the depths of the BTC price retraction, the GBTC premium stood at around -20%.<\/p>\n<p>\u201cAlthough up from its 20% discount set in May, GBTC is still trading at a big discount (-10%),\u201d Humiston noted. <\/p>\n<blockquote><p>\u201cAs demand really starts to pick up again, which it seems it hasn&#8217;t, we&#8217;ll likely see this discount fade as market participants jump at the oppty to own $BTC exposure at a discount.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/f2ee91ba-cd2a-41b3-b594-ebd620927932.png\"><figcaption style=\"text-align: center;\"><em>GBTC premium vs. BTC\/USD chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Funding_rates_lag_price_performance\"><\/span>Funding rates lag price performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Two more factors singling out the current Bitcoin market structure are low open interest on Bitcoin futures and lower than expected funding rates.<\/p>\n<p><strong><em>Related:\u00a0BTC eyes $50K breakout despite most \u2018greed\u2019 since all-time highs: 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>Both contrast with the start of the 2020 bull run, and go against the grain given the pace of price increases over the past month.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/b332edb7-a0ee-4e15-a6d4-f176f68c4955.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin futures open interest chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>\u201cIn the time that we&#8217;ve seen $BTC move from $30K \u2192 $48K, open interest has fallen, and the bitcoin perp. funding rate is still relatively low (albeit positive),\u201d Humiston added. <\/p>\n<blockquote><p>\u201cNeither have really followed BTC&#8217;s massive rally, which comes as a surprise and isn&#8217;t really normal.\u201d<\/p><\/blockquote>\n<p>Nonetheless, funding rates are now more positive than at any time since the May price crash. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/49cf76e4-bbe1-46ad-a28e-95f1bbadee30.png\"><figcaption style=\"text-align: center;\"><em>BTC funding rates chart. Source: Bybt<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-ways-this-bitcoin-bull-run-is-different-than-late-2020\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 3 ways this Bitcoin bull run is different than late 2020 &#8221; Bitcoin (BTC) is getting compared to late 2020, but this rally in fact has several major differences which make it \u201cnot normal.\u201d According to Pete Humiston, manager of Kraken Intelligence Research, Bitcoin in Q3 2021 is a different beast when compared to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":326459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvMGJmNWM4ZjgtYjc2NS00YzZiLTg3NTQtYWU5OThlZmIzZDdlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82548,76550,73785],"class_list":["post-326458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gbtc","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/326458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=326458"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/326458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/326459"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=326458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=326458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=326458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}