On February 15th, according to the glassnode chain last week, bitcoin investors are hedging risks to prevent the Federal Reserve from raising interest rates in March.
Across all trading platforms tracked by glassnode, the futures term structure flattened through March, in line with expected rate hikes raised by the Federal Reserve, signaling investor uncertainty about the broader economic impact of a tighter dollar.
Futures through the end of 2022 currently have an annualized premium of just 6%, indicating that the market is far from expecting a bullish impulse in the near term.