Opinion: Market Leveraged Longs Significantly Cleared Out, "Christmas Rally" May Arrive by Year-End

On December 10, GSR OTC trading head Spencer Hallarn stated: "I think most of the longs in the market have already been cleared out, and a foundation of skepticism has been established. Perpetual contract funding rates are very low, even negative, indicating that there isn't much leverage in the market. Overall, this structure is actually quite favorable for a Santa rally. I believe the market outlook at the end of this year is positive."