BTC open interest increases, while funding rates remain positive.
Bitcoin traded flat on Wednesday, marking the 12th consecutive day of range-bound trading. Since the 22% price increase between June 15 and June 23, BTC prices have traded down 1.3%. Short-term intraday traders likely saw the decline as an opportunity to get long BTC at an opportune valuation. Investors looking to hold bitcoin for longer than one day would be more likely to view BTC’s RSI on a daily chart, where it sits at 62.
Futures open interest for bitcoin is now north of $12 billion, up from $10.4 billion at the beginning of June. Open interest had reached as high as $13.4 billion on June 29, according to On-Chain Analytics firmFutures volume has been choppy, not indicating a trend in either direction. Still, its most recent reading of $19 billion doesn’t indicate a sharp decline in activity.Bitcoin funding rates have been positive for 29 consecutive days, and for all but one day since May 11.
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