K33: BTC traders remain cautious, ETH leveraged bets surge

Odaily Planet Daily News: Vetle Lunde, head of K33 research, stated that although Bitcoin is hovering around historical highs, market sentiment remains very cautious, and traders currently lack risk appetite. Bitcoin financing rates and leverage indicators on various platforms indicate its continued defensive nature. Binance's BTC/USDT perpetual contract has a negative daily financing rate on Friday and Sunday, while the weekly financing rate is only an annualized 1.3%. Historically, Bitcoin has not peaked during periods of negative financing rates; On the contrary, such positions often indicate further increases. On the other hand, Ethereum leveraged bets have surged, with the number of open contracts for ETH perpetual contracts on the Kraken platform reaching a historical high of 30000 ETH earlier this week, indicating an increase in speculative activity surrounding ETH. （The Block）