Matrixport: Bitcoin futures hit annual highs, spot buying boosts the rally

ChainCatcher news, Matrixport released today's chart stating that the Bitcoin futures open interest has surpassed $30 billion, plus $14 billion in futures contracts from the CME, setting a new high for the year. Although the funding rate recently surged to 30% (annualized), it has now fallen back to 15%, indicating that some leveraged long traders have chosen to close their positions. It is worth mentioning that even with the decline in the funding rate, the Bitcoin price remains strong, highlighting the activity of buyers in the spot market.

As the funding rate decreases, speculative long traders can return to the market at a lower cost, further boosting the bullish sentiment. This series of market changes indicates that the upward momentum of Bitcoin remains solid.