As Bitcoin (BTC) continues to remain range-bound between $110,000 – $115,000, data from crypto exchanges seems divided toward the leading cryptocurrency. The Binance exchange traders seem to be bullish, while traders on other exchanges still appear to be hesitant.
Bitcoin traders expect a price increase on Binance
According to a CryptoQuant Quicktake post by contributor Crazzyblockk, fresh derivatives data from Binance is signaling shifting market dynamics – specifically, the recent BTC funding rate on Binance points toward traders taking a bullish stance.
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In fact, traders at other exchanges like OKX Bybit Deribit are still uneasy about placing directional bets.
Binance’s BTC permanency funding rate has risen to +0.0084% as of 23 September, indicating that long positions dominate and traders will pay premiums to hold their bullish positions.
The increase in the funding rate does not represent an isolated event. It indicates a positive change over a period of seven days, which is indicative of heightened confidence among Binance’s traders.
By way of comparison, OKX’s BTC-funding rate is presently hovering around 0.0001%. Bybit, however, has a funding rate of 0.0015%. Deribit displays a rate of funding at 0.0019%. Analyst added:
There’s more to it than just numbers. This difference is a change in the narrative. Binance has seen its funding rate increase over the past seven days while OKX’s and Bybit’s rates have decreased.
Uninitiated traders can use funding rates as an indicator of the current sentiment on the perpetual swaps markets. Binance’s rate, a strong positive one that diverges from other markets, indicates aggressive bullish speculation.
BTC is about to move.
In a separate CryptoQuant posting, contributor XWIN Research Japan stated that Bitcoin’s implied volatilty has fallen to its lowest levels since 2023. Back then, a lull followed by a 325 percent rally propelled BTC up from $29,000 all the way to $124,000.
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He added that Bitcoins exchange reserves totaled $1.5 billion. continue The reserves of Bitcoin are depleting at an alarming rate, reaching new lows that have been in place for several years. In the past, a similar fall in BTC reserves was preceded by a crash. supply squeezesThe demand for e-books has risen dramatically.
The overall mood towards BTC is cold. The Bitcoin Fear & Greed Index suggests It is possible that many investors fear entering the BTC market. If this happens, it could be an excellent opportunity to acquire BTCs at market price.
However, fresh data from BTC wallets confirms that new wallets – those that are less than a month old – are starting Buy the most valuable digital asset. BTC was trading at $113.796 as of press time. This is up by 1% within the past 24 hour.
Charts from TradingView.com and CryptoQuant.com.
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Source: www.newsbtc.com
