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An important  Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures gap closed as BTC/USD suddenly dropped below $54,000 on Feb.

Unlike most cryptocurrency exchanges, since the CME Bitcoin futures exchange is not open at all times, a gap forms between CME and many Bitcoin trading platforms.

For instance, the latest gap formed when the price of Bitcoin exceeded $58,000 across major cryptocurrency exchanges, while CME's Bitcoin futures market closed for two days.

Prior to the weekly candle open, the funding rate of the Bitcoin futures market ranged between 0.1% to 0.15%.

Although the funding rate of Bitcoin has remained relatively high throughout the bull cycle, a 0.15% funding rate indicates that the market is extremely overcrowded.

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