Ethereum derivatives metrics point to a lack of confidence from ETH bears at current price levels.
) reached a $4,870 all-time high on Nov. 10, bulls have little reason to celebrate. The 290% gains year-to-date have been overshadowed by Dec.'s 18% price drop. Still, Ethereum's network value locked in smart contracts increased nine-fold to $155 billion.
Looking at the past couple of months' price performance chart doesn't really tell the whole story, and Ether's current $450 billion market capitalization makes it one of the world's top 20 tradable assets, right behind the two-century-old Johnson & Johnson conglomerate.2021 should be remembered by the decentralized exchanges' sheer growth, whose daily volume reached $3 billion, a 340% growth versus the last quarter of 2020.
However, the opposite situation occurs when shorts require additional leverage, and this causes the funding rate to turn negative.As depicted above, the eight-hour fee has been ranging near zero in December, indicating a balanced leverage demand from buyers and sellers. Had there been some panic moments, it would have been reflected on such derivatives indicators.Exchange-provided data highlights traders' long-to-short net positioning.
There are occasional discrepancies in the methodologies between different exchanges, so viewers should monitor changes instead of absolute figures.Despite Ether's 9% correction since Dec. 24, top traders on Binance, Huobi and OKEx have increased their leverage longs. To be more precise, Binance was the only exchange facing a modest reduction in the top traders' long-to-short ratio. The figure moved from 0.98 to 0.92.
Currently, there is hardly a sense of bearishness present in the market. According to the data, pro traders are buying the dip while retail investors' net demand for shorts hardly changed throughout the past month. Of course, none of that can predict whenever Ether will flip the current descending channel, but one might infer that there's little interest in betting on the downside from here.
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