Analysis: The number of positions squaring in Bitcoin contracts remains stable and the funding rate is positive, the market still tends to be bullish

July 4th news, according to Coinglass data, Bitcoin contract unpositioned squaring positions fell by about 18% from $37 billion to $30.20 billion in a month, during which the BTC cash market price fell by 14%. However, Bitcoin unpositioned squaring positions have been stable above the 500,000 BTC mark for the past four weeks. At the same time, the perpetual contract funding rates charged by exchanges every 8 hours have been positive, indicating that the market is inclined towards bullish bets. These indicators suggest that some traders have been establishing new long positions, offsetting other market participants position squaring bullish bets.
Laurent Kssis, a cryptocurrency ETF specialist at CEC Capital, said this shows that traders are still going long. According to Griffin Ardern, head of options trading and research at crypto finance platform BloFin, Bitfinex has been a source of bullish pressure during price declines. "Bitfinex whales have been buying since late June, but I have not observed similar signals in other derivatives markets." Bitfinex's margin long trades have been steadily increasing since June, which includes using borrowings to buy assets in the cash market.