TechFlow news, June 11 — According to The Block, despite Bitcoin's price rebounding close to its all-time high near $110,000, Vetle Lunde, Head of Research at K33, noted that market sentiment remains unusually cautious, with traders generally lacking risk appetite.
Funding rate indicators show that Binance BTC/USDT perpetual contracts recorded negative average daily funding rates last Friday and Sunday, with weekly annualized funding rates as low as 1.3%, a situation typically seen near local bottoms. Historical data indicates Bitcoin does not usually top out during periods of negative funding rates; such positioning often signals further upside potential.
Meanwhile, Ethereum speculators are "hungry for leverage," and VolatilityShares' 2x leveraged ETH ETF is gaining popularity. Since April 8, the fund has added 305,100 ETH in exposure, accounting for 18.3% of ETH holdings in U.S. ETH ETFs and two-thirds of CME ETH open interest.
Alexia Theodorou, Head of Derivatives at Kraken, added that although funding rates are slightly bullish, the market has yet to reach a clear directional consensus, with long/short ratios still far below January peaks. A more favorable regulatory stance from U.S. regulators toward DeFi could become a structural tailwind for ETH in the coming months.
