Bitcoin and ether perpetual futures funding rates still elevated despite downturn in spot prices | Headlines | News | CoinMarketCap
03/19/2024 23:48
Bitcoin and ether perpetual futures funding rates are still elevated despite the spot prices of each asset falling by 7% and 6% respectively, in …
The Block7 minutes ago
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Published on March 19, 2024 16:39 GMT+00:00edited on March 19, 2024 16:44 GMT+00:00
Bitcoin and ether perpetual futures funding rates are still elevated despite the spot prices of each asset falling by 7% and 6% respectively, in the past 24 hours. The global cryptocurrency market cap fell 5.8% in the past 24 hours to $2.5 trillion, according to CoinGecko data.
"In spite of such a large spot move, perpetual funding rates are still 20-30% on the retail-focused exchanges. This means that speculators are still adding to leveraged longs on the dip," Tuesday's QCP Capital market report said.
Funding rates suggest more downside potential
However, QCP Captial analysts suggested that the elevated funding levels could indicate that the current price correction in the cryptocurrency market still has some way to go. "The forward curve …