As Bitcoin (BTC) continues to remain range-bound between $110,000 – $115,000, data from crypto exchanges seems divided toward the leading cryptocurrency. While Binance traders are exhibiting a bullish stance, traders from other exchanges are still showing a degree of hesitation.
According to a CryptoQuant Quicktake post by contributor Crazzyblockk, fresh derivatives data from Binance is signaling shifting market dynamics – specifically, the recent BTC funding rate on Binance points toward traders taking a bullish stance.
On the contrary, the BTC funding rate from other exchanges, such as OKX, Bybit, and Deribit, suggests that traders on these platforms are still uncertain about taking any directional bet.
As of September 23, the BTC perpetual funding rate on Binance climbed to +0.0084%, suggesting that the long positions are dominant and traders are willing to pay a premium to maintain their bullish bets.
It is worth highlighting that the increase in funding rate is not an isolated event, as it suggests a positive seven-day change, indicating strengthening conviction among Binance traders.
For comparison, the BTC funding rate on OKX is currently hovering at -0.0001%, while on Bybit it sits at 0.0015%. Finally, Deribit shows a funding rate of 0.0019%. The analyst added:
This isn’t just a difference in numbers; it’s a difference in narrative. While funding rates on OKX and Bybit have actually decreased over the last seven days, Binance’s rate has climbed.
For the uninitiated, funding rates can be viewed as a real-time gauge of trader sentiment in the perpetual swaps market. A strong positive rate like that of Binance, which diverges from the rest of the market, points toward aggressive bullish speculation.
In a separate CryptoQuant post, contributor XWIN Research Japan noted that Bitcoin’s implied volatility has dropped to its lowest level since 2023. Back then, the lull in the market was followed by an explosive rally of 325%, which propelled BTC from $29,000 to $124,000.
