CandleFocus Traders Ramp Up Positions as Crypto Lending Rates Soar to 30% on Bitfinex
2024-10-23
Author: Content Editor
Crypto lending rates on Bitfinex have surged to 30% APR, nearly three times the exchange's average interest rate. This indicates that traders have confidence in significant price increases and suggests that large spot traders are increasing their positions. A 30% APR lending rate has historically been a reliable indicator of a major bull market. The futures market also points to a potential bull market, with Bitcoin futures open interest reaching $40.5 billion. However, the sharp rise in open interest also suggests increased leverage, which can lead to rapid price drops and cascading liquidations. The high lending rates at Bitfinex could pose risks if prices move against heavily leveraged positions.
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