Cosmos [ATOM]: Institutional investment drowns as traders eye longs, more inside

ambcrypto.com:

Cosmos [ATOM] , whose objectives centered around an interconnected economy of blockchains, were part of the assets that experienced massive institutional outflows over the previous week. 

According to CoinShares’ weekly fund flow report, Cosmos’ outflows in this regard were about $1.6 million. This made it the third project with the highest exit, behind Bitcoin [BTC] and Ethereum [ETH].

Read Cosmos’ [ATOM] Price Prediction 2023-2024

Despite the development, ATOM gained 9.34% in the last seven days. The rise in value also helped traders maintain a positive status quo towards the cryptocurrency. At press time, the Binance funding rate resisted the red area and stayed put at 0.01%.

The metric describes the periodic payments gotten by long or short traders based on the difference between open contracts and spot prices. So, the 0.01% position implied that ATOM traders got a premium interest rate per finding interval.

Source: Santiment

On Open Interest (OI), Coinglass’ data revealed that a lot of traders were actively participating in the ATOM pairs market. At the time of writing, the futures market OI was green in the last one to four hours across the top exchanges.

In addition, the top position held by traders in the derivatives market was mostly long. However, a minute part of the lot was undecided. This might not be surprising, especially as ATOM’s price consolidated over the last 24 hours.

Source: Coinglass

But in terms of  liquidations , longs have also been the casualties – this has been the case since 16 February. The last time shorts significantly suffered for their open positions was 15 February. During this time, traders suffered $432,000 worth of long liquidations. However, Coinglass showed that the market