More crypto traders are shorting Ether in the derivatives market, as the underlying blockchain is scheduled to go through its biggest technical upgrade this week, trading data shows.
The funding rates of Bitcoin and Ether perpetual futures contracts diverged sharply over the past weekend, according to crypto data firm Kaiko. The funding rate for Ether dipped to its most negative since July 2021. Exchanges use the funding rate -- or the cost to trade -- to tether the contracts to their underlying spot price. When the rate is positive, those who hold long positions are paying interest to investors who are short, and vice visa.
Crypto traders tend to favor perpetual contracts --- which, unlike traditional calendar futures, don’t expire -- in part, because it allows them to keep highly leveraged positions in place. Ether fell for the first time in six trading sessions on Monday, dropping as much as 3.7% to $1,694.
The growing short interest in Ether is happening as the Merge, the highly...
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