{"id":329393,"date":"2021-08-24T02:30:00","date_gmt":"2021-08-23T23:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\/"},"modified":"2021-08-24T02:30:00","modified_gmt":"2021-08-23T23:30:00","slug":"time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\/","title":{"rendered":"# Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36e13a6b61f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36e13a6b61f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\/#China-based_mining_activity_boosted_investors_expectations\" >China-based mining activity boosted investors&#8217; expectations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\/#New_smart_contract_capabilities_are_expected_and_FILs_daily_issuance_was_cut\" >New smart contract capabilities are expected and FIL&#8217;s daily issuance was cut<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\/#Data_shows_retail_activity_has_been_picking_up\" >Data shows retail activity has been picking up<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/filecoin.io\/blog\/posts\/announcing-chainlink-filecoin-joint-grants-for-dapps-combining-decentralized-storage-and-oracles\/\">partnership with Chainlink&#8217;s<\/a> oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/e6ffabd7-b57d-4f71-be30-3dcc7fb106de.png\"><figcaption style=\"text-align: center;\"><em>Filecoin (FIL) price in USD at Coinbase. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/FILUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone because the cryptocurrency is 67% below that level. Let&#8217;s take a moment to understand what triggered the rally and whether these drivers still exist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"China-based_mining_activity_boosted_investors_expectations\"><\/span>China-based mining activity boosted investors&#8217; expectations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Filecoin is a decentralized cloud-based data storage network that allows its users to gain rewards for selling their excess storage on an open-source platform. The built-in economic incentives ensure files are reliably stored over time.<\/p>\n<p>The network&#8217;s storage capacity surpassed 2.5 exabytes in February, which lead to positive remarks from influencers like Cameron Winklevoss, the billionaire investor and co-founder of the Gemini exchange.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The amount of network storage power, active miners, and Github contributors continues to grow on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Filecoin?ref_src=twsrc%5Etfw\">@Filecoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24FIL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$FIL<\/a> network. Not surprised to see price rocketing. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/0Ua77UJlgl\">pic.twitter.com\/0Ua77UJlgl<\/a><\/p>\n<p>\u2014 Cameron Winklevoss (@cameron) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cameron\/status\/1372054977477152769?ref_src=twsrc%5Etfw\">March 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On March 17, Grayscale Investments, the digital currency asset manager behind the GBTC Trust, announced the launch of its Filecoin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Sonnenshein\/status\/1372170914549338114?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1372170914549338114%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffilecoin-gains-40-in-48-hours-what-s-driving-the-massive-fil-price-rally\">investment vehicle<\/a>.<\/p>\n<p>On March 25, a $23 million Filecoin Ecosystem Fund was announced, backed by large Chinese investment groups like Fenbushi Capital, SNZ Capital, and Neo&#8217;s EcoFund. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_smart_contract_capabilities_are_expected_and_FILs_daily_issuance_was_cut\"><\/span>New smart contract capabilities are expected and FIL&#8217;s daily issuance was cut <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On March 31, Qtum founder Patrick Dai said that the protocol was working to enable smart contracts for Filecoin through the Qtum network.<\/p>\n<p>On April 10, Martin Gaspar, a research analyst at CrossTower exchange, told Cointelegraph that solid demand from Chinese miners emerged due to a shortage of proof-of-work rigs. Gaspar added that these miners &#8220;are required to pledge the FIL token as collateral, resulting in demand for the token.&#8221;<\/p>\n<p>Lastly, on April 15, Filecoin changed its supply economics, reducing its daily issuing from 648,000 FIL per day to 365,000. The drastic cut likely led to a perception of scarcity for the token. In turn, it may have caused retail investors and miners to accelerate their investments ahead of the event.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Data_shows_retail_activity_has_been_picking_up\"><\/span>Data shows retail activity has been picking up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Perpetual futures contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours to ensure no exchange risk imbalances.<\/p>\n<p>Whales, arbitrage desks, and market makers avoid exposure to these instruments due to their variable funding rates. When longs (buyers) demand more leverage, they are the ones paying the fee. The opposite holds when shorts (sellers) use more leverage, thus causing a negative funding rate.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/56776f47-6512-494a-8215-10cf0af7a213.png\"><figcaption style=\"text-align: center;\"><em>Filecoin (FIL) perpetual futures 8-hour funding rate. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>The above data clearly shows the funding rate surging between Aug. 10 and Aug. 17, and it reached a positive 0.08% average. This number translates to 1.7% per week, indicating increased leverage longs activity. After receding for a couple of days, the indicator initiated another hike to a 0.10% fee charged every 8-hour from longs.<\/p>\n<p>The current 2.1% weekly equivalent fee indicates even stronger leverage from retail traders, which means optimism. Of course, there&#8217;s no way to know if the recent move will be enough to spark a continuous price improvement, but traders seem to believe $100 is closer than ever.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/time-to-pump-data-suggests-traders-intend-to-push-filecoin-fil-above-100\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100 &#8221; Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink&#8217;s oracle protocol on Aug. 6 allowed the projects to join their&#8230;<\/p>\n","protected":false},"author":1,"featured_media":329394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvYWE4ZWUxMWYtZWFkZC00Zjc0LThjYjctZWEwYzQ0YTQxNWQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75167,74863,75012,76176,75719,75846,73785],"class_list":["post-329393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-chainlink","tag-cryptocurrencies","tag-derivatives","tag-filecoin","tag-funding","tag-futures","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/329393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=329393"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/329393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/329394"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=329393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=329393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=329393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}