Bulls have the upper hand, yet the funding rate is negative. Bitcoin ($BTC ) is currently at 83,058.01 USDT, up just 0.24% in 24 hours. It has been confined to a range of 82,778–83,234, with a 0.6% amplitude and $480 million in spot trading volume; the price is tracking almost exactly within this narrow band. The perpetual funding rate is -0.0010% (every 8 hours), the long/short ratio by account is 1.44, and the large-trader long/short ratio by position is 1.52. Both account numbers and positions lean long, but the funding rate has not turned positive. Open interest is about 93,170 BTC, or approximately $7.739 billion; visible liquidations over 24 hours total about $664. Positions are crowded, but there has been almost no forced unwinding. The 7-day high is 86,999.11 and the low is 80,393.56. The current price is about 40% of the way through that range, with room still to either end. DefiLlama shows Lombard BTC.b TVL up 376.4% in 24 hours to $175 million. On the supply side, individuals still hold about 66%, while institutions compete for the limited freely circulating supply. Next, watch whether 82,778 or 83,234 gives way, and whether the negative funding rate corrects as long positions become crowded.
#比特币 #Funding Rate