ANALYSIS: Bitcoin Contracts Open Positions Held Steady With Positive Funding Rates, Market Still Leans Bullish

July 4 (Bloomberg) -- Bitcoin's contractual open position fell about 18 percent from $37 billion to $30.2 billion in one month, according to Coinglass, during which time the BTC spot market price fell 14 percent. Over the past four weeks, however, Bitcoin's open position has remained steady above 500,000 BTC. At the same time, the perpetual contract funding rate charged by exchanges every eight hours has been positive, indicating that the market is favoring bullish bets. These indicators suggest that some traders have been establishing new long positions, offsetting other market participants closing out bullish bets.