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Binance FOLKS Perpetuals See $2.35B Daily Volume, Third After Bitcoin and Ethereum

High-volume trading in Binance’s FOLKS perpetual contracts positions it just behind Bitcoin and Ethereum, with data showing a bullish bias among top-performing traders.

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Summary

Binance’s FOLKS perpetual contracts recorded $2.35 billion in derivatives trading volume over 24 hours, ranking third after Bitcoin and Ethereum. Open interest is $29.83 million. Of tracked 'smart money' traders, 65% hold $6.18 million in long positions at an average entry price of $21.88, while 35% hold $2.57 million in short positions averaging $15.64, indicating a bullish market tilt.

Terms & Concepts
  • Perpetual futures: A type of cryptocurrency derivative contract with no expiration date, allowing traders to speculate on price movements with leverage.
  • Open interest (OI): The total value of outstanding derivative contracts that have not been settled.
  • Smart money traders: Market participants identified as experienced or successful investors based on historical trading performance.