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Derivatives data highlights crypto traders’ positive sentiment and belief in further upside

Published 02/28/2023, 02:06 PM
Updated 02/28/2023, 03:40 PM

The recent weakness in the crypto market has not invalidated the six-week-long ascending trend, even after a failed test of the channel's upper band on Feb. 21. The total crypto market capitalization remains above the psychological $1 trillion mark and, more importantly, cautiously optimistic after a new round of negative remarks from regulators.

Total crypto market cap in USD, 12-hour. Source: TradingView

As displayed above, the ascending channel initiated in mid-January has room for an additional 3.5% correction down to $1.025 trillion market capitalization while still sustaining the bullish formation.

Weekly winners and losers among the top 80 coins. Source: Messari
Perpetual futures accumulated 7-day funding rate on Feb. 27. Source: Coinglass
BTC options volume put-to-call ratio. Source: laevitas.ch

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