As per AiCoin, following the Bank of Japan's rate hike, BTC rose from $85,200 to $88,000 within five hours. The rate hike did not trigger a flow of funds into the yen. Open interest increased faster than price, with funding rates turning positive, indicating new long positions rather than short covering. SOL and XRP saw a decline in open interest, while the altcoin seasonality indicator hit a new low. ETH outperformed BTC.
BTC Rises to $88,000 After Bank of Japan Rate Hike, ETH Outperforms
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Summary
According to AiCoin, BTC climbed from $85,200 to $88,000 in five hours after the Bank of Japan raised rates. Open interest analysis shows growth outpaced price, with positive funding rates signaling new longs. ETH outperformed BTC, while SOL and XRP saw open interest drop. The altcoin seasonality indicator hit a fresh low. Traders are now evaluating the risk-to-reward ratio amid shifting positioning.
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