Futures traders fuel MKR rally The price jump was

Futures traders fuel MKR rally

At press time, analysis of the Open Interest (OI) Weighted Funding Rate showed a positive reading of 0.0170%, the third-highest level this year.

This suggests that most open contracts on MKR come from long traders, who are paying a premium to maintain their positions.

While Futures traders led the bullish push, spot traders sold over $1 million worth of MKR during the same period.

Such a significant sell-off implies that these traders are either taking profits or cutting losses to avoid potential downside.

In this case, profit-taking appears to be the likely motive, given the asset’s recent strong price movement.