Derivatives data shows pro traders turning bullish on EOS price

rallied in May after Block.one, a blockchain software firm, announced a $10-billion funding round to build an EOS-based crypto exchange platform called Bullish. The EOSIO development company revealed that it had raised capital from Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.

In light of the “bullish” news, the recent $6 local top stands 60% below the $15 high reached on May 12, and this leaves investors with little reason to celebrate. At the moment, retail traders are not comfortable using leverage for bullish positions, and professional traders have been neutral-to-optimistic since mid-July.

EOS price in USD on Kraken. Source: TradingView
EOS perpetual futures 8-hour funding rate. Source: Bybt.com
EOS September futures contracts premium on FTX. Source: TradingView