Bitcoin (BTC) is getting compared to late 2022, simply this rally in fact has several major differences that make it "not normal."

According to Pete Humiston, director of Kraken Intelligence Research, Bitcoin in Q3 2022 is a different beast when compared to Q4 2022.

GBTC keeps its steep discount

Despite going from $29,000 to $48,000 in only one month, Bitcoin is still not seeing a frenzy of interest and buying.

Higher toll levels take seen solid support, only at that place is piffling evidence of the kind of demand that characterized the commencement of this year or the terminate of the last.

A case in point is the Grayscale Bitcoin Trust (GBTC), which continues to trade at a disbelieve of effectually 13% to spot toll this week.

Even though Bitcoin has increased in price, GBTC demand has not entirely increased in pace, and even the discounted rate is not beingness treated as a steal by many institutional investors.

At the depths of BTC'southward price retraction, the GBTC premium stood at around -20%.

"Although upwards from its 20% discount set in May, GBTC is withal trading at a large discount (-10%)," Humiston noted.

"Every bit demand really starts to pick upwardly once again, which it seems it hasn't, we'll likely run into this discount fade as market participants bound at the opportunity to own $BTC exposure at a disbelieve."
GBTC premium vs. BTC/USD nautical chart. Source: Bybt

Funding rates lag toll operation

2 more than factors singling out the current Bitcoin market construction are low open interest on Bitcoin futures and lower-than-expected funding rates.

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Both contrast with the start of the 2022 balderdash run and go against the grain, given the pace of price increases over the past calendar month.

Bitcoin futures open up interest nautical chart. Source: Bybt

"In the time that we've seen $BTC move from $30K → $48K, open interest has fallen, and the bitcoin perp. funding charge per unit is still relatively low (albeit positive)," Humiston added.

"Neither have really followed BTC's massive rally, which comes as a surprise and isn't actually normal."

Nonetheless, funding rates are now more positive than at any time since the May price crash.

BTC funding rates nautical chart. Source: Bybt