Bitcoin Futures Funding goes positive during US session

What's new?

The largest market by size and volume (perpetual futures) recently flipped from negative funding rate to positive. This means futures traders are now levered long after being leveraged short.

Why is this relevant?

Positive funding rates contribute to short-term price appreciation for bitcoin. This means leverage is to the upside.

What does the data tell us?

On-chain data shows a negative funding regime around what futures traders perceive is a local top. This is later accompanied by a positive funding rate regime, in which traders perceive a local bottom is in.
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We conclude that futures leveraged traders are positioned to benefit from higher prices in Bitcoin.

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