Matrixport: Bitcoin futures hit a new high for the year, spot buying helps boost the uptrend
On November 20, Matrixport released a chart stating that the size of Bitcoin futures holdings has broken through $30 billion, plus the Chicago Mercantile Exchange (CME)'s $14 billion futures contracts, setting a new high for the year. Although the recent funding rate once climbed to 30% (annualized), it has now fallen back to 15%, showing that some leveraged long traders choose to close their positions and exit. It is worth mentioning that even if the funding rate drops, Bitcoin prices still remain strong, highlighting the activity of buyers in the spot market.
As funding rates decrease, speculative long traders can return to the market at lower costs, further boosting bullish sentiment in the market. These series of market changes indicate that Bitcoin's upward momentum remains solid.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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