Crypto rallies through the Fed's first rate increase since 2023
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Aggregate open interest across crypto futures climbed to $64.4 billion from $59.7 billion on Monday, on $112.6 billion of 24-hour volume, with $214.3 million liquidated over the past day, according to Coinalyze. The movements imply traders have been adding exposure into the rally rather than covering short positions.
Bitcoin open interest rose 1.41% to $26.6 billion and ether open interest added 1.39% to $16.7 billion. Ether accounted for $60.7 million of liquidations against bitcoin's $42.4 million.
Zcash (ZEC) tells the most compelling story, with open interest climbing 37.84% to $2.2 billion over 24 hours, $28.9 million liquidated and the funding rate at -0.0253%, meaning shorts were paying longs even as the token set new highs. Traders have spent the month trading against this rally and being constantly squeezed as a result.
Bitcoin funding is positive and rising, with the aggregated rate at 0.0070% and the predicted rate at 0.0082%, though the spread across venues is wide, from Kraken at 0.0153% to Huobi at -0.0003%.
Coinalyze’s long/short ratio is showing a skew towards bullish traders, with a ratio of 1.13. It has now been positive for eight straight days after a three-week period in the negative.
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