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BTC $77,217.06 -0.01%
ETH $2,120.84 +0.27%
BNB $655.90 +1.21%
XRP $1.33 -2.76%
SOL $84.30 -3.30%
TRX $0.3617 -0.88%
DOGE $0.1056 +1.29%
ADA $0.2424 -3.19%
BCH $378.64 +1.31%
LINK $9.41 -3.36%
HYPE $54.74 -6.12%
AAVE $88.23 +0.27%
SUI $1.11 +1.82%
XLM $0.1433 -2.08%
ZEC $636.91 -3.32%

contracts

Data: The Bitcoin derivatives market has ended an 8-month deleveraging cycle, with open contracts on Binance returning above the 180-day moving average

According to analyst Darkfost (@Darkfost_Coc) in a social media post, since the event on October 10 last year, Bitcoin has undergone a long de-leveraging phase in the derivatives market. When open interest falls below the 180-day moving average, it usually indicates a decline in futures activity, and investors' risk-off behavior leads to a reduction in open interest. Affected by the deterioration of the global macroeconomic and geopolitical backdrop, traders generally choose to reduce their risk exposure.This de-leveraging phase on Binance has lasted for about 8 months, with the last similar occurrence dating back to the previous bear market in 2022, just before the FTX collapse. However, since early May, the trend seems to be changing. Open interest on Binance has risen from $6.4 billion in March to about $8.96 billion currently, re-establishing itself above the current 180-day moving average of approximately $8.75 billion. This effectively marks the end of the de-leveraging cycle.The return of investors to the derivatives market has clearly driven the current upward rebound, but it is still too early to call it a true recovery. Despite the continued deterioration of the macro environment, Bitcoin's significant pullback has attracted more speculative traders seeking rebound opportunities. It should be noted that this trend remains highly fragile; once Bitcoin resumes the adjustment trend that began last October, these traders may exit as quickly as they entered.

Crude oil prices are rising, and the trading volume of Gate-related contracts ranks among the top in the market

According to data from the Gate platform, WTI crude oil (CL) is currently priced at $102.22, up 0.73% in the last 24 hours; Brent crude oil (BZ) is currently priced at $105.50, up 0.38% in the last 24 hours, with active trading in oil-related contracts. According to Coinglass data, the BZUSDT position on the Gate platform is approximately $6.0924 million, ranking among the top in the network; the CLUSDT trading position is approximately $2.6843 million, also maintaining high market attention.To further improve the platform's oil derivatives product system, Gate has renamed the trading symbol for the XBR perpetual contract to BZ and officially launched the BZ perpetual contract; at the same time, the trading symbol for the XTI perpetual contract has been renamed to CL and the CL perpetual contract has been officially launched. This only involves adjustments to the trading symbols, while the contract underlying and trading rules remain unchanged.Gate contracts have taken the lead in the oil market, pioneering the commodity contract sector, covering BZUSDT (Brent crude oil), CLUSDT (WTI crude oil) perpetual contract trading, and NG (natural gas) perpetual contract trading, providing 24/7 trading, USDT settlement, and up to 100 times leverage, assisting users in cross-market asset allocation and strategic layout during volatile market conditions.

Crude oil prices continue to rise, and the trading volume of Gate crude oil contracts ranks among the top in the market

According to CoinGlass data, Brent crude oil (XBR) is currently priced at $102.78, up 0.68% in 24 hours; WTI crude oil (XTI) is currently priced at $98.45, up 1.33% in 24 hours, with active trading in oil-related contracts. Among them, for XBR, the trading volume on the Gate platform is approximately $5.45 million, ranking first across the network; for XTI, the trading pair XTI/USDT has a 24-hour trading volume of approximately $3.4613 million, maintaining high market attention, reflecting the platform's liquidity and product advantages in the oil derivatives market.In addition, Gate has renamed the trading symbol for the XBR perpetual contract to BZ and officially launched the BZ perpetual contract; at the same time, the trading symbol for the XTI perpetual contract has been renamed to CL and officially launched the CL perpetual contract. This only involves adjustments to the trading symbols, while the contract underlying and trading rules remain unchanged. Gate will further improve the product system for oil derivatives on the platform.Gate contracts have taken the lead in the oil market, pioneering the commodity contract sector, covering XBRUSDT (Brent crude oil) and WTIUSDT (WTI crude oil) perpetual contract trading, providing 24/7 trading, USDT settlement, and up to 100 times leverage, assisting users in cross-market asset allocation and strategic layout in volatile markets.
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