TechFlow reported on September 3, citing Coindesk, that despite Bitcoin's historically weak performance in September, traders on the Bitfinex exchange are displaying strong bullish sentiment. According to data from Greeks.Live and Coinglass, since August 28, 2024, net long positions for Bitcoin margin trading on Bitfinex have increased by 3,000 BTC, reaching nearly 64,350 BTC. The annualized interest rate for borrowed funds surged above 20% within the past 10 hours, indicating traders are actively borrowing to buy Bitcoin, betting that this September’s market will break historical trends.
The global Bitcoin perpetual futures market also shows a new bullish trend, with the weighted average funding rate turning positive across global exchanges, meaning perpetual contracts are trading at a premium to spot prices. Over-the-counter (OTC) desks have witnessed rising demand for high-strike-price call options. Greeks.Live noted that large bullish options trades accounted for 30% of daily volume, as institutional investors build comprehensive long positions.
