Bitcoin and ether perpetual futures funding rates are still elevated despite the spot prices of each asset falling in the past 24 hours.
Bitcoin and ether perpetual futures funding rates are still elevated despite the spot prices of each asset falling by 7% and 6% respectively, in the past 24 hours. The global cryptocurrency market cap fell 5.8% in the past 24 hours to $2.5 trillion, according to CoinGecko data. "In spite of such a large spot move, perpetual funding rates are still 20-30% on the retail-focused exchanges.
Grant told The Block that the latest dynamic also indicates that actual bitcoins available for trading are limited compared to the demand for them. "This is because spot bitcoin ETF assets under management continues to scale and bitcoin becomes effectively locked up in custody underlying those shares, so that the bitcoin that someone ultimately needs to hold to support futures positions is effectively dearer.
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