Matrixport: Bitcoin futures hit annual high, spot buying boosts gains

Odaily Planet Daily News: Matrixport released a chart today stating that the size of Bitcoin futures holdings has exceeded $30 billion, plus $14 billion in futures contracts from the CME, reaching a new high for the year. Although the funding rate has recently risen to 30% (annualized), it has now fallen back to 15%, indicating that some leveraged long traders have chosen to close positions and leave the market. It is worth mentioning that even though the funding rate has decreased, the price of Bitcoin remains strong, highlighting the activity of buying in the spot market. With the decrease in funding rates, speculative long traders are able to return to the market at lower costs, further boosting the bullish atmosphere in the market. This series of market changes indicates that the upward momentum of Bitcoin remains stable.