Bitcoin funding rates surge 300% in a day; Here’s what it means
Market / Price
Bitcoin (BTC) saw a modest uptick on April 3, at one point trading above $67,200 with a noticeable surge in daily funding rates, which shot up more than 300%. In short, the figure implies that leveraged traders have sharply increased their bullish exposure, with long-position holders paying higher fees to maintain their bets that ‘digital gold’ is going to rebound further. At the same time, though, Bitcoin open interest has begun to cool down, being 0.12% in the negative at the time of writing, judging by the data Finbold retrieved from CryptoQuant
BTC
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