The bitcoin derivatives market is experiencing a surge in buying interest as traders position themselves ahead of Friday’s White House Crypto Summit, anticipating potential market-moving announcements.
Cryptocurrency derivatives trader Gordon Grant noted a persistent increase in buying pressure since bitcoin’s recent price test of $82,000. He suggests that this could be linked to the re-establishment of leveraged positions, which has driven up open interest and funding rates.
"Since Bitcoin's last test of $82,000, there appears to have been a more persistent or determined bid to this tape which could have coincided with the re-establishment of leveraged positions thereby increasing open interest and swelling funding rates," Grant told The Block.
Grant added that bitcoin markets are seeing a resurgence in liquidity, bringing renewed buoyancy to prices, rising open interest and higher funding rates as traders re-enter leveraged positions. Volatility has also taken on a more bullish tone, with options market implied volatility reaching extreme levels — 90% for overnight options, 70% for contracts expiring in a week, and 60% for those maturing at the end of March.
"In a sense, it’s as though we’ve seen some more extreme tides of ebbing and receding liquidity, and now that tide has come back, bringing newfound buoyancy to prices, open interest and funding, as well as a more bid tone for volatility," Grant said.
CryptoQuant Head of Research Julio Moreno also highlighted shifting sentiment in the futures market.
"We are seeing a recovery in the perpetual futures market funding rates, which increased from -0.01 before the Trump message regarding the Strategic Crypto Reserve (SCR), to as high as +0.009 after the message," Moreno told The Block. "This indicates a change in sentiment in the bitcoin futures market as traders are willing to pay in order to hold long positions amid expectations of higher prices."
He added that the 24-hour open interest change for bitcoin futures has also turned positive at the same time that prices recovered.
"The 24-hour open interest change in terms of bitcoin went from -22,800 to as high as 10,800 in the span of two days," he said. "In general, the upcoming White House Bitcoin Summit has increased market participants’ expectations about an official announcement regarding the SCR, and that has led traders to position themselves ahead of it."
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