K33: BTC traders remain cautious amid "skeptical" market sentiment, ETH leveraged bets surge

Odaily News Vetle Lunde, head of research at K33, said that although Bitcoin hovered near its all-time high, market sentiment remained very cautious and traders currently lacked risk appetite. Bitcoin financing rates and leverage indicators on various platforms indicated their continued defensiveness. Binance's BTC/USDT perpetual contract had a negative average daily financing rate on Friday and Sunday, while the weekly financing rate was only 1.3% annualized. Historically, Bitcoin does not peak during periods of negative financing rates; on the contrary, such positions often herald further increases.
On the other hand, Ethereum leveraged bets have surged, with open interest in ETH perpetual contracts on the Kraken platform reaching an all-time high of 30,000 ETH earlier this week, indicating an increase in speculative activity around ETH. (The Block)