Futures drive MEW’s rally  Interestingly, amid po

Futures drive MEW’s rally 

Interestingly, amid positive sentiment in the crypto market, investors rushed into the market to bet on MEW’s next move. 

As such, Open Interest jumped by 57% to $48.36 million, while Derivatives Volume surged by 695% to $358 million. When these two rise in tandem, it reflects growing participation in Futures. 

As a result, MEW’s Funding Rate surged to 0.0046, a flip from negative the previous day. A positive Funding Rate reflects a higher demand for long positions. 

Longs soared to reach 63.8% while shorts accounted for 38% of the total Futures accounts. This implies that most investors are aggressively betting on prices to rise.