$BTC This week the price has hardly moved, yet leverage keeps being increased.
As of 2:30 p.m. Beijing time this week (Binance U-margined futures data):
· Price: 84,948. This week opened at 84,472, up only about 0.6%; intraday high 87,220 (the night of Non-Farm Payrolls); intraday low 82,563 (9/28)
· Open interest: On 9/30 it was $7.73 billion, now $8.32 billion—up about 7.6%; measured in coin count, it rose from 92,500 BTC to 97,900 BTC—up about 6%
· Funding rate: The installment at 8:00 a.m. on 10/4 was -0.0013%; this is the third time this week it has turned negative. The week’s high was 0.0100% on 10/2
When price trades sideways, open interest is rising, and the funding rate stays near zero or even turns negative, it usually means there are plenty of shorts and hedges within the newly added positions—not one-sided chasing longs.
Of these 5,000+ newly added positions, about 80% were built over the two days of 10/1–10/2, when the price ranged between 83,200 and 87,220, including the spike around Friday’s Non-Farm Payrolls that was then pushed back down.
With thinner liquidity over the weekend, this kind of structure is prone to “needle-like” moves: whichever direction price breaks, positions on the other side can get cleared in batches.
The weekly candle closes tomorrow at 8:00 a.m. Beijing time. Last week closed at 84,472—this number is also this week’s opening price; it’s almost the long/short dividing line.
Do you think the 5,000+ extra BTC positions added this week are more skewed toward the shorts, or toward the longs?
#Bitcoin hits $87,000, runs into resistance and pulls back
As of 2:30 p.m. Beijing time this week (Binance U-margined futures data):
· Price: 84,948. This week opened at 84,472, up only about 0.6%; intraday high 87,220 (the night of Non-Farm Payrolls); intraday low 82,563 (9/28)
· Open interest: On 9/30 it was $7.73 billion, now $8.32 billion—up about 7.6%; measured in coin count, it rose from 92,500 BTC to 97,900 BTC—up about 6%
· Funding rate: The installment at 8:00 a.m. on 10/4 was -0.0013%; this is the third time this week it has turned negative. The week’s high was 0.0100% on 10/2
When price trades sideways, open interest is rising, and the funding rate stays near zero or even turns negative, it usually means there are plenty of shorts and hedges within the newly added positions—not one-sided chasing longs.
Of these 5,000+ newly added positions, about 80% were built over the two days of 10/1–10/2, when the price ranged between 83,200 and 87,220, including the spike around Friday’s Non-Farm Payrolls that was then pushed back down.
With thinner liquidity over the weekend, this kind of structure is prone to “needle-like” moves: whichever direction price breaks, positions on the other side can get cleared in batches.
The weekly candle closes tomorrow at 8:00 a.m. Beijing time. Last week closed at 84,472—this number is also this week’s opening price; it’s almost the long/short dividing line.
Do you think the 5,000+ extra BTC positions added this week are more skewed toward the shorts, or toward the longs?
#Bitcoin hits $87,000, runs into resistance and pulls back
