Binance Traders Fuel Bitcoin Optimism as Funding Rates Signal Aggressive Long Positions Bitcoin's market dynamics are signaling a notable divergence among exchanges, with data revealing a significant bullish stance from traders on Binance. While the leading cryptocurrency continues to trade within a range of $110,000 to $115,000, the funding rates on Binance suggest an aggressive long-term outlook, contrasting with a more hesitant sentiment observed across other major platforms.
Binance Traders Eye a Bitcoin Price Surge
According to recent derivatives data, particularly highlighted by CryptoQuant contributor Crazzyblockk, the Bitcoin perpetual funding rate on Binance climbed to +0.0084% as of September 23. This positive premium indicates that long position holders are paying shorts, underscoring a strong bullish conviction among Binance's trading community. These traders are willingly paying a premium, anticipating a significant price increase for Bitcoin. In stark contrast, funding rates on other prominent exchanges like OKX (-0.0001%), Bybit (0.0015%), and Deribit (0.0019%) remain considerably lower or even negative, reflecting a broader market uncertainty or indecision regarding Bitcoin's immediate direction. The sustained positive funding rate on Binance over the last seven days further solidifies the strengthening conviction among its traders.
Is Bitcoin Primed for a Major Move?
Beyond funding rates, other on-chain metrics offer intriguing insights into Bitcoin's potential future movements. CryptoQuant analyst XWIN Research Japan points out that Bitcoin's implied volatility has plunged to its lowest levels since 2023. Historically, such periods of low volatility have preceded explosive rallies, including a monumental 325% surge that propelled BTC from $29,000 to $124,000. Despite this bullish indicator, the overall market sentiment remains cautious, with the Bitcoin Fear & Greed Index still suggesting fear among investors, potentially presenting an accumulation opportunity. Interestingly, fresh data from new Bitcoin wallets confirms a trend of accumulation, as these newer participants begin to buy the digital asset. As of press time, Bitcoin is trading around $113,796, reflecting a 1% gain over the past 24 hours.
