K33: BTC traders remain cautious, ETH leverage bets surge

Odaily Planet Daily News K33 Research Director Vetle Lunde said that although Bitcoin is hovering near its historical highs, market sentiment remains very cautious and traders currently lack risk appetite. Bitcoin financing rates and leverage indicators on various platforms indicate its continued defensiveness. Binance's BTC/USDT perpetual contract had a negative average daily financing rate on Friday and Sunday, while the weekly financing rate was only 1.3% annualized. Historically, Bitcoin does not peak during periods of negative financing rates; on the contrary, such positions often herald further increases. On the other hand, Ethereum leveraged bets surged. Earlier this week, the number of open contracts for ETH perpetual contracts on the Kraken platform reached an all-time high of 30,000 ETH, indicating an increase in speculation around ETH. (The Block)