Derivatives data points to continued trader activity. Aggregated open interest has remained relatively stable near the $2.0 billion to $2.1 billion range, based on Coinalyze data. This level shows traders are still holding positions in the market.
Funding rates have also moved back into positive territory. The rate stood near 0.006 at the time of writing. Positive funding rates usually show that long traders are paying short traders in perpetual futures markets.
Short pressure was elevated earlier in April. This pressure later eased, while long positioning started to return. At the same time, trading volume remained weak, which kept the broader setup mixed.
