Over the past day, the Bitcoin open interest has reached a new all-time high (ATH) of $19.8 billion. Reportedly, the funding rates have attained their highest positive level for the first time since August. This suggests that most of the open interest is favoring long positions in the BTC price. Further, this upward trend in the derivatives market indicates a growing inflow of liquidity and increased attention in the cryptocurrency space. Successively, the rise in funding rates also points to a rising bullish sentiment among traders.
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