TechFlow news, on November 20, Matrixport released a chart showing that the Bitcoin futures open interest has surpassed $30 billion. Combined with CME's $14 billion in futures contracts, this marks a new year-high. Although funding rates recently spiked to an annualized 30%, they have since retreated to 15%, indicating that some leveraged long traders have chosen to exit their positions. Notably, despite the decline in funding rates, Bitcoin’s price remains resilient, highlighting strong buying activity in the spot market.
As funding rates decline, speculative long traders can re-enter the market at lower costs, further boosting bullish sentiment. These market developments indicate that Bitcoin’s upward momentum remains solid.
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