Two Prime is a New York-based institutional bitcoin asset manager and lender serving corporate treasuries, miners, family offices and other investors. Founded in 2019, it says it has access to $3 billion of lending capacity.
Funding rates point to a healthier rally
Despite the rapid advance, perpetual-futures funding rates have not reached levels that would typically signal excessive leverage or a local market top, Blume said, suggesting the rally is not primarily driven by speculative positioning.
Demand is also being supported by spot ETF inflows and renewed buying from bitcoin treasury companies, he said.
Strategy MSTR$138.98·At close and Strive have resumed purchases, creating a cycle in which rising prices improve companies’ ability to raise capital and buy more bitcoin.
Implied volatility fell to roughly 23%-24% last month before climbing into the 40s during the rally, according to Blume. While a sizeable increase, that remains modest by bitcoin’s historical standards and leaves call sellers vulnerable if volatility rises further.
The $60,000 floor
Blume said bitcoin appears to have established a base around $60,000, provided broader economic conditions remain stable.
The biggest threat is a sharp selloff across equities and other risk assets. “If there is a broader collapse in risk assets, bitcoin will fall as well,” he said.
Elevated Treasury yields, oil prices and stubborn inflation remain headwinds. Still, Blume said widespread bearish sentiment means even modestly favorable economic news could have an outsized market impact.
