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Bitcoin is up 13% since the Feb 27 conflict outbreak, outperforming gold and tech stocks (IGV). The correlation with IGV finally started to break.
Yet perp funding rates remain negative, the longest stretch since the 2022 bear market bottom based on the 30-day average annualized funding rate.
The decoupling narrative is back, and it is not leverage-driven. Perp funding rates remain negative, indicating leveraged longs are not leading this move.
Spot demand is driving the rally.