InstaForex🇮🇷🇺🇸
Sellers with leverage piling back into crypto market
Cryptocurrencies
Bitcoin slipped about 2% to $82,600 a day after Donald Trump declined to rule out new strikes on Iran before the US midterms. Earlier, the price had held near $83,150 after a 1.72% one-day gain. Notably, even after this drop, Bitcoin remains more than $20,000 above the cycle low and is the best-performing asset of Q3. That makes the current weakness look like a pullback after a strong rally rather than a crash — the question is who is willing to bet on continuation. The futures market gives the answer. Open interest — the number of active futures contracts — is around 652,000 BTC, one of the lowest levels this year, while it reached 800,000 at the start of the year. That's 148,000 BTC below the peak, and the decline shows capital leaving the leveraged market despite Bitcoin's roughly 40% gain in Q3. At the same time, funding rates on perpetual contracts have turned negative again, averaging about -0.3% on major exchanges. The funding rate is the fee one side pays the other, and a negative rate means shorts are willing to pay longs to keep bearish positions open.
Iran, Islamic Republic of
