According to latest statistics from cryptocurrency analytics company CoinGlass, financing rates for bitcoin are showing a bright outlook.
Only CoinEX displays a negative funding rate among the big cryptocurrency exchanges like Binance, OKX, and Bitget. With a rate of 0.0041%, Binance leads OKX (0.0029%), Bitget (0.0034%,) and CoinEX (-0.0013%). The positive financing rates show that traders are prepared to spend more to hold Bitcoin in anticipation of a rise in price.
This information may not seem informative at first glance. However, the bullish indications become obvious if we examine the derivatives data in greater detail.
The open interest has risen slightly by 1.69% to $14.38 billion, while the long trading volume has increased significantly by 43.30% to $18.92 billion. These percentages indicate that traders are more interested in purchasing Bitcoin with the anticipation of a rise in its price.
While the open interest in options has increased marginally by 2.18% to $10.24 billion, the volume of options has declined by 39.73% to $625.97 million. Less traders may be attempting to hedge their bets or make predictions about the direction of Bitcoin’s price, according to a decline in options volume.
The bullish outlook is further emphasised when looking at the long/short ratios. The account ratio for OKX BTC is 1.46 and for Binance BTC/USDT is 1.6709, indicating that there are more long positions than short positions in each market. These data support the hypothesis that most traders anticipate a rise in Bitcoin’s price.
More shorts than longs have been liquidated in the previous day, according to “rekt” statistics, which measures how much money traders lost as a result of abrupt price swings. This suggests that the market is now in favour of those who are optimistic on Bitcoin. Overall review of these financing rates and related data points to a positive attitude in the Bitcoin market.
