Bitcoin Derivatives Traders Remain Bullish Despite Record High Funding Rates
• Funding rates for bitcoin perpetual futures hit a record high of 66% annualized, making it very expensive to keep long positions open • High funding rates indicate a bullish mood in the crypto derivatives market • Bitcoin price topped $45,000 for the first time since April 2022 • Funding rates have remained elevated throughout the recent holiday period when trading volumes are typically lower • Analysts think high funding rates could lead to an unwinding of bullish bets if bitcoin stops moving higher