THETA reaches 3-month high amid rise in short positions

Theta Network’s native token, THETA, has constantly risen over the past two weeks as the broader crypto market gained bullish momentum.

THETA reached a three-month high of $0.79 at around 01:00 UTC on Nov. 1 with a total market cap of $790 million. The rise comes as Theta Network’s social volume witnessed a 50% surge over the past 24 hours and a 350% boost since Oct. 28, per Santiment data.

Moreover, THETA emerged as the top gainer among the top 100 crypto assets, with a 10% hike in the past 24 hours.

The asset is trading at $0.756 at the time of writing, with a market cap of just over $755 million.

Theta Network’s 24-hour trading volume skyrocketed by 531%, reaching almost $97 million. According to data provided by the market intelligence platform, THETA’s total open interest (OI) surged by 32% over the past day, reaching $18.86 million.

In simple terms, almost 20% of the total trading volume comes from derivatives contracts, suggesting that investors might be waiting for a major movement.

Furthermore, the Binance futures funding rate currently sits at 0.004%, down by 60% over the past day, per Santiment.

When the Binance funding rate stands on the positive side, it suggests that the ratio of short-position holders is larger than long-position holders.

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