Notional open interest in BTC futures has dropped, but OI in BTC terms has stayed steady alongside positive funding rates, indicating a renewed interest in long positions.
Changes in asset price impact notional open interest, which may not truly reflect market activity. Steady OI in BTC terms with positive funding rates suggest hidden bullish sentiment.
Positive funding rates and steady OI in BTC terms suggest traders are establishing new long positions, countering the supposed unwinding of bullish bets, according to Laurent Kssis from CEC Capital.
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