Caution builds in the bitcoin market even as prices stay well above summer lows

Caution builds in the bitcoin market even as prices stay well above summer lows

Özet: Kripto piyasasında önemli gelişmeler yaşanıyor.

Capital is fleeing the bitcoin BTC$82,949.31 futures market, and the traders still in are willing to pay to stay short.

That’s the message from key metrics such as open interest and annualized perpetual funding rates.

Open interest, or the number of active futures bets, stood at 652,000 BTC as of this writing, one of its lowest levels this year.

The tally peaked at 800,000 early this year, according to data source Coinglass.

The slide reflects a capital exodus, characterized by traders staying away from leveraged plays despite the 40% rise in bitcoin’s price in the third quarter.

Further, perpetual funding rates have again flipped negative, hovering at an average of minus 0.3% across major exchanges.

While every long is matched by a short, the two sides do not want the trade equally.

A negative rate shows that short sellers are the ones aggressively chasing the trade and are willing to pay a cost to longs or bulls to keep their bearish bets open.

In short, the latest negative rate implies bearish sentiment.

Analiz: Piyasa hareketliliği devam ediyor.