Crypto traders appear to be shorting the rally in AXS, the combination of rising futures open interest and negative funding rates suggests. Reports godbole17
AXS, the native token of the blockchain-based play-to-earn game Axie Infinity, has come out of oblivion this week with a double-digit price rally.That's because while open interest or the dollar value locked in the number of active standard futures and perpetual futures contracts tied to AXS has increased to a three-month high of $129.
"With a favorable environment for alternative cryptocurrencies far away, a rise in open interest implies a higher probability of increased shorts," Griffin Ardern, volatility trader from crypto asset management firm Blofin said. Open interest in AXS futures and perpetual futures has jumped to the highest since early September. to a three-week high of $10.40 on Monday after Axie Infinity announced plans for progressive decentralization of the game.
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