Traders in Bitcoin's Futures markets harbor doubts about any positive price growth in the short term. This has led them to reduce the volume of leverage.
A glimmer of hope?
While traders have reduced their leverage-based transactions in BTC’s cash-margined trades, the overall count of open positions in the coin’s Futures markets has climbed. BTC’s Open Interest started to rise again on 4 September, after it had dropped to a two-month low following the deleveraging event of 17 August. With a reading of $11.14 billion at press time, the coin’s Open Interest has since grown by 10%. This hinted at the re-entry of traders who had previously left the market due to the liquidity flush.
As the market gradually recovered, BTC’s funding rates became positive and has since remained so. This is a sign that traders have resumed placing bets in favor of a price rally.
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