专业交易员购买比特币价格下跌,而散户投资者追随山寨币

比特币 (比特币) has been struggling to sustain the $55,000 support level for the past 16 天, or basically since the April 17 record-high $5 billion long contracts liquidation. The rejection that took place after the $64,900 all-time high had a devastating impact on the sentiment of retail traders, as measured by the perpetual futures funding rate significant drop.

然而, despite Bitcoin’s recent underperformance and today’s 6.5% drop, pro traders have been buying the dip for the past 24 小时. These whales and arbitrage desk movements are reflected in the OKEx futures long-to-short ratio, as well as Bitfinex’s margin lending markets. As this buying occurs, retail traders are mainly quiet, which is reflected in the neutral perpetual funding rate.

USDT-margined perpetual futures 8-hour funding rate. 资源: 比伯特

如上所述, the perpetual futures (反向掉期) 8-hour funding rate has been below 0.05% for the past couple of weeks. For the end-of-month contracts, prices vastly differ from regular spot exchanges, reflecting the imbalance from longs and shorts leverage.

This discrepancy is why retail traders tend to prefer perpetual futures, albeit with the varying carry cost caused by the funding rate changes.

The current 8-hour fee is equivalent to a 1% weekly rate, signaling a slight imbalance on longs. 然而, this level is well below the 0.10% and higher rates seen in early April. This data is clear evidence that retail traders aren’t comfortable adding Bitcoin long positions despite the 9% correction in two days.

另一方面, the top traderslong-to-short indicator reached its highest level in 30 天, signaling buying activity from whales and arbitrage desks. 该指标是通过在现场分析客户的综合头寸而得出的, 永续期货合约. 结果是, it gives a clearer view of whether professional traders are leaning bullish or bearish.

OKEx top traders long-to-short ratio. 资源: 比伯特

如上图所示, the current OKEx futures long-to-short ratio currently favors longs by 94%. This buying activity was initiated in the early hours of May 4, as Bitcoin broke below $55,000. 更重要的是, it signals even more confidence than April 14, when BTC hiked to its $64,900 历来最高.

然而, to confirm whether this movement is widespread, one should also evaluate margin markets. 例如, the leading exchange (比特币) holds over $1.8 billion worth of leveraged Bitcoin positions.

BTC价格 (橙子, left) 与. Bitfinex long-to-short margin ratio (蓝色, right). 资源: 交易视图

Bitfinex shows spectacular growth in the BTC margin markets with longs over 50x the amount borrowed by shorts. These levels are unprecedented in the exchange’s history and confirm the data from OKEx’s futures markets.

There’s no doubt that professional traders are ultra-bullish despite today’s Bitcoin dip. As for the lack of appetite from retail traders, their focus seems to be currently on altcoins.

目前, 18 的顶部 50 altcoins have rallied 45% or higher in the past 30 天.

问题是, can the altcoin rally continue if BTC fails to produce a new all-time high over the next couple of weeks?

这里表达的观点和意见仅是 身份验证[R 并不一定反映Cointelegraph的观点. 每笔投资和交易动作都涉及风险. 您在做出决定时应该进行自己的研究.

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资源: 声电图

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