Bitcoin perpetual futures open interest returns to $16 billion, but funding rates remain moderate.
The figure coincides with Bitcoin reaching $71,400 today, led by Binance traders.
Short-term holder SOPR metric shows controlled profit-taking at 1.017, below the overheating level.
As Bitcoin approaches its all-time high, open interest in the perpetual futures market has climbed back to $16 billion, according to Kaiko Data.
This brings open interest back to levels seen in August, just before a major selloff. The influx of capital indicates increased market participation.
Notably, the latest figure coincides with Bitcoin reclaiming the highly anticipated $70,000 mark, a level it had struggled to achieve for the past four months. Bitcoin is now making substantial progress toward its previous all-time high, reaching an intraday peak of $71,400. This puts it just 3.48% away from the record of $73,750.
Despite the increased activity in the perpetual futures market returning to August highs, funding rates remain moderate. This suggests a tempered demand, even as Bitcoin’s price rises to $71,000. Funding rates reflect the costs associated with holding long or…
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