ANALYSIS: Bitcoin Contracts Open Positions Held Steady With Positive Funding Rates, Market Still Leans Bullish
July 4 (Bloomberg) -- Bitcoin's contractual open position fell about 18 percent from $37 billion to $30.2 billion in one month, according to Coinglass, during which time the BTC spot market price fell 14 percent. Over the past four weeks, however, Bitcoin's open position has remained steady above 500,000 BTC. At the same time, the perpetual contract funding rate charged by exchanges every eight hours has been positive, indicating that the market is favoring bullish bets. These indicators suggest that some traders have been establishing new long positions, offsetting other market participants closing out bullish bets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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