brief rally above $63,000 has led to a spike in its Funding Rates on derivatives exchanges like DyDx and Deribit, Santiment noted in a post on X .According to the on-chain data provider, as of the 13th of May, BTC’s Funding Rates on DyDx and Deribit were 0.0012% and 0.037%, respectively.
Funding Rates are used in perpetual futures contracts to ensure that the contract price stays close to the spot price. Conversely, negative Funding Rates suggest a high demand for short positions. This is a bearish signal that shows market participants are betting against an asset’s price.While its Funding Rates have risen, BTC’s Futures Open Interest has oscillated between $29 billion and $30 billion since the beginning of May, according to
When it oscillates in a narrow range like this, traders are not aggressively adding or exiting their positions.An assessment of BTC’s volatility markers on a daily chart confirmed this.
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Cryptos and stocks struggle to overcome macroeconomic concerns, BTC holds support at $63kThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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