Bitcoin & Ethereum open interest (OI) and funding rates data indicate a bullish start of 2024 amid spot Bitcoin ETF approvals. PromotedAd $PIKA – Fastest-growing GameFi token. Join the Presale Now! Pikamoon ($PIKA) – Join the Presale Now! By Varinder Singh 15 hours ago Updated 14 hours ago
After $11 billion in annual options delivery on Friday, Bitcoin and Ethereum are expected to close the year below $44,000 and $2400 levels. As BTC and ETH continued to rally this year due to rising open interests (OI), a record rise in funding rates stalled the rally at the end of the year.
BTC price rallied 170% and ETH price leaped 105% this year. Experts anticipate further rally after the funding rates decline gradually.
Bitcoin And Ethereum OI and Funding Rates
Bitcoin and Ethereum futures open interest (OI) fell after Friday’s expiry and recent crypto market selloffs this week. However, traders remain positive on further upsides.
As per current data, the total Bitcoin futures OI on all exchanges is over $18 billion. BTC OI on CME and Binance are $4.81 billion and $4.31 billion, rising again after the recent wipe out. Deribit, Coinbase, Bybit, OKX, and others have similar figures.
The total Ethereum futures OI is $3.36 million. ETH OI on the top three futures crypto exchanges Binance, Bybit, and OKX are rising after a massive drop.
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Crypto influencer Kamikaz shared that OI is totally wiped on BTC and ETH after expiry but funding remains higher as people are scared to short due to spot Bitcoin ETF approval sentiment. He says it is super bullish and wants to long.
Popular analyst CredibleCrypto agreed with Kamikaz that the market is bullish. He explained that people are mistaking high funding rates for an excess of over-leveraged participants. In reality, OI is completely wiped at levels not witnessed in the last few years. He said, “funding is only relatively high because the few that are levered are predominantly directional longs.”
Funding rates are also actually falling from the record high. The BTC OI-weighted funding rate chart indicates probability of upside movement in the next few days.
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