On December 10, Spencer Hallarn, head of OTC trading at GSR, said: “I think most of the bulls in the market have been almost cleaned up and a base of skepticism has been established. The funding rate of perpetual contracts is very low, even negative, indicating that there is not much leverage in the market. Taken together, this structure is actually quite favorable for the Christmas rally. I think the market outlook for the end of the year is good.”
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Opinion: The market leveraged bulls are cleared sharply, and the end of the year may usher in the "Christmas market"
On December 10, Spencer Hallarn, head of OTC trading at GSR, said: “I think most of the bulls in the market have been almost cleaned up and a base of skepticism has been established. The funding rate of perpetual contracts is very low, even negative, indicating that there is not much leverage in the market. Taken together, this structure is actually quite favorable for the Christmas rally. I think the market outlook for the end of the year is good.”