“Bitcoin futures, particularly perpetuals, offer a unique perspective into the crypto market’s health. One key metric? Comparing the annualized perpetual funding rates to their 3-month rolling basis. Historically, a surge or dip in this rate has signaled significant Bitcoin price fluctuations. But why does this happen? The answer lies in the demand for leverage… Now, with the current de-risking environment and an increase in the futures open interest leverage ratio, what could this mean for the Bitcoin price? Is this a sign of caution or renewed confidence among traders? The answer might surprise you…”
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