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Chart of the Day
Bitcoin started the week strong with a 7-day increase of more than 13%. Sentiments across markets are turning bullish as the U.S. financial watchdog took a tiny step towards the approval of a Bitcoin futures-backed exchange-traded fund (ETF). Funding rates momentarily surged last Thursday but have since returned to the neutral zone; we will continue to monitor the sentiment meter for when the market becomes overheated. At the moment, on-chain metrics also lean bullish, as the percentage of the dollar amount of coins transferred daily to the realized cap finds support near 3% — a threshold that historically signals the beginning of a bullish phase.