Rising open interest in $STX perpetual futures and persistently negative funding rates suggest new money has entered the market but on the bearish side. godbole17 reports
shows that the funding rates in the perpetual futures market tied to STX remained negative even as open interest, or the dollar value locked in the number of active perpetual futures contracts, doubled to $80 million.
In other words, new money entering the perpetual futures market amid the continued price rally is betting on a reversal. The negative funding rate – the cost of holding bullish long/bearish short positions in perpetuals – implies that leverage is skewed on the bearish side. "It could be a case of traders fading the hype of STX and shorting, largely due to the return of deeply negative after every price rally in the last week," Conor Ryder, research analyst at Paris-based Kaiko, told CoinDesk."I suspect traders are betting that there isn't a follow-up to Bitcoin NFTs and this is more of a flash in the pan."
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