Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Traders continue to short TIA perpetual futures, negative funding rates suggest.Data availability blockchain network Celestia's native cryptocurrency TIA has jumped 25% to $7.30 this week, registering the best performance among the top 100 digital assets by market value.
Average funding rates across exchanges flipped negative over the weekend and have dropped to -0.1231% since then, reaching levels last seen in January. In other words, bias for bearish bets is most pronounced in six months. TIA open interest -weighted funding rates. Open interest is the dollar value of the total active perpetual contracts. , whereby trades are placing more weight on the TIA's price crash in recent months than other vital developments. TIA's latest bounce comes after a five-month downtrend that saw prices slide 80% from $21 to less than $5. As such, it's not particularly surprising to see traders sell the bounce.
"The need for a data availability layer here makes sense after realizing that safe/permissionless liquidity is by far one of the biggest hurdles in making onchain perps markets usable. So having a middle layer that can provide shared liquidity to any exchange seems like an obvious solution moving forward," psuedonymous analyst
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