In this chart, I think the most important point is that the Funding Rate has returned to the 0.00 level. This indicates that leveraged positions in Bitcoin's derivatives market have been significantly balanced.
In the current market data, the Binance BTC funding rate is around 0.001%. Therefore, the current picture is different from the scenario we saw in the past—where prices rose, everyone opened longs, funding became excessively high, and long liquidations followed. In such an environment, if the price continues to rise, the market may move forward in a healthier way.
Fund Volume has increased to the 93 million level. This tells us that the market is seeing more trading and fund activity again. The fact that Funding remains low at the same time as volume increases suggests that this activity is not being supported by extreme long leverage.
GBTC Fun Price has risen to the 66.88 level. Therefore, the rise in the GBTC price along with the recovery in fund volume can be considered as an additional signal that activity on the institutional side is increasing.
Just by looking at this chart, I do not see a signal that a strong renewed drop is about to begin. In fact, the current funding structure has an important advantage: funding is not excessively positive, there is no large long crowd, and the risk of long liquidation is limited.
To summarize the current view of the chart: In Bitcoin's derivatives market, excessive long positioning is not clearly evident right now. As the Funding Rate approaches 0.00, it suggests that leverage pressure has been cleaned up and the market has become more balanced. At the same time, the recovery in Fund Volume shows that market activity is increasing again. Therefore, looking only at this chart, there isn’t enough data to say that a new and sharp decline has started. In short, what is alarming for me right now is that the leverage side has become quite calm. This structure may indicate that if the price rises again, the move has not yet been supported by an overly crowded long position. #BTC $BTC
In the current market data, the Binance BTC funding rate is around 0.001%. Therefore, the current picture is different from the scenario we saw in the past—where prices rose, everyone opened longs, funding became excessively high, and long liquidations followed. In such an environment, if the price continues to rise, the market may move forward in a healthier way.
Fund Volume has increased to the 93 million level. This tells us that the market is seeing more trading and fund activity again. The fact that Funding remains low at the same time as volume increases suggests that this activity is not being supported by extreme long leverage.
GBTC Fun Price has risen to the 66.88 level. Therefore, the rise in the GBTC price along with the recovery in fund volume can be considered as an additional signal that activity on the institutional side is increasing.
Just by looking at this chart, I do not see a signal that a strong renewed drop is about to begin. In fact, the current funding structure has an important advantage: funding is not excessively positive, there is no large long crowd, and the risk of long liquidation is limited.
To summarize the current view of the chart: In Bitcoin's derivatives market, excessive long positioning is not clearly evident right now. As the Funding Rate approaches 0.00, it suggests that leverage pressure has been cleaned up and the market has become more balanced. At the same time, the recovery in Fund Volume shows that market activity is increasing again. Therefore, looking only at this chart, there isn’t enough data to say that a new and sharp decline has started. In short, what is alarming for me right now is that the leverage side has become quite calm. This structure may indicate that if the price rises again, the move has not yet been supported by an overly crowded long position. #BTC $BTC
