BitMEX Lists ZROUSDT and TREMPUSDT with 10x Leverage
BitMEX has announced the listing of ZROUSDT and TREMPUSDT perpetual swaps, offering up to 10x leverage for traders. (Read More)
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BitMEX has announced the listing of ZROUSDT and TREMPUSDT perpetual swaps, offering up to 10x leverage for traders. (Read More)
The Bitcoin market saw another rebound in the past week as prices leaped by over 12% to hit a local peak of $95,600. Amid the ongoing market euphoria, prominent blockchain analytics company Glassnode has shared some important developments in the Bitcoin derivative markets. Related Reading: Bitcoin Apparent Demand Makes Sharp Rebound Will BTC Breakout Soon? Bitcoin Short Bets Rise Despite Price Rally, Setting Stage For Volatility Despite a bullish trading week, derivative traders are approaching the Bitcoin market with skepticism, as evidenced by a build-up of leveraged short positions. In a recent X post on April 25, Glassnode reported that Open Interest (OI) in Bitcoin perpetual swaps climbed to 218,000 BTC, marking a 15.6% increase from early March. In line with market activity, this rise in Open Interest aligns with increased leverage, introducing the potential for market volatility via liquidations or stop-outs. Generally, a rise in Open Interest amidst a price rally is expected to signal long-term market confidence. However, Glassnodes findings have revealed an opposite scenario. Despite Bitcoin’s bullish strides in the past week, short market positions appear to be dominating the perpetual futures markets. This concerning development is indicated by a decline in the average funding rate, which has now slipped into negative territory to sit around -0.023%. The perpetual funding rate is a periodic payment between long and short traders aimed at keeping the contract price in line with the underlying spot price. A negative funding rate indicates short traders pay long traders as Bitcoins perpetual contract price is trading below the spot price. This is caused by a higher number of short positions as traders are largely bearish about Bitcoin, even despite recent gains. Furthermore, the 7-day moving average (7DMA) of long-side funding premiums has dropped to $88,000 per hour, reinforcing this short-dominant sentiment. This downtrend indicates a waning demand for long positions, as traders exhibit a short bias. However, Glassnode presents a bullish note stating that the present combination of rising leverage and short positions paves the way for a potential short squeeze, where an unexpected upward price move forces short-sellers to close their positions, thereby driving prices even higher. Bitcoin Price Overview At the time of writing, Bitcoin trades at $94,629 following a 1.01% retracement from its local peak price on April 25. Despite creeping developments in the perpetual futures market, the BTC market remains highly bullish, indicated by gains of 1.02%, 11.12%, and 8.32% in the last one, seven, and thirty days, respectively. With a market cap of $1.88 trillion, the premier cryptocurrency ranks as the largest digital asset and fifth-largest asset in the world. Related Reading: Ethereum To Hit $5k Before Its 10th Birthday, Justin Sun Says Featured image from Adobe Stock, chart from Tradingview
BitMEX introduces NILUSDT perpetual swaps, offering traders up to 50x leverage. This new listing enhances trading options on the platform. (Read More)
Out of all the crypto derivative products, perpetual futures have emerged as a preferred instrument for market speculation.
The post Bitcoin’s annualized 3-month futures basis show a calm before the storm appeared first on CryptoSlate.
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