Kraken Derivatives Head: Risk-Off Sentiment Leads to Bitcoin Dip, Traders are Buying the Dip

BlockBeats News, February 25th, according to CoinDesk, Kraken's Derivatives Director Alexia Theodorou stated that cryptocurrency traders are buying Bitcoin on Kraken as its price has dropped to a three-month low. Bitcoin has fallen below $88,000, while Nasdaq futures indicate continued risk-off sentiment on Wall Street, with the Japanese yen as a safe-haven currency strengthening against the US dollar and growth-sensitive commodity currencies like the Australian dollar.

The drop in BTC occurred after Binance Futures' open interest increased by $1 billion on Monday night, likely due to traders establishing short positions in anticipation of further price declines. However, bottom buyers have bought BTC through Kraken, pushing the long/short ratio of perpetual contracts to a record high of 0.8. This suggests that traders may anticipate a rebound and are 'buying the dip'.