Binance sees a surge in long positions as traders react to potential U.S. interest rate cuts.
BitMEX whales remain cautious, showing little movement while awaiting clearer rate cut signals.
Arthur Hayes warns of risk asset drops but sees Ethereum’s potential in falling U.S. rates.
Binance’s open interest (OI) is climbing sharply as traders react to the latest news of U.S. Fed’s interest rate cuts by 50 bps. The platform’s funding rates and OI also increased, correlating with an upbeat market sentiment and renewed investor activity.
Meanwhile, BitMEX presents a different narrative, with whales selling or staying on the sidelines, waiting for clearer signals on how the rate cuts will play out.
Binance Traders Pile into Long Positions
The upward trend in Binance’s funding rates and OI shows a surge in long positions. This means that retail traders are becoming more optimistic about Bitcoin’s price movement in the short term. What’s more, Binance’s data reveals heightened activity and a possible buildup of late longs, likely driven by smaller investors anticipating a bullish turn following the rate cut news.
Source: CryptoQuant
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