Bitcoin Funding Rate Turns Negative Amid Rising Short Positions
- Bitcoin funding rates have turned negative, indicating a bearish market sentiment.
- Short positions are increasing across top cryptocurrencies, including Binance Coin (BNB) and Cardano (ADA).
- Solana (SOL) ranks as the 6th lowest funding rate among all assets.
- Long-term Bitcoin holders have spent $4.02 billion, marking significant outflows.
- The largest spending comes from holders with BTC for 3-5 years, totaling $2.16 billion.
- GameStop announced the purchase of 4,710 BTC during the Bitcoin conference.
The shift to negative funding rates reflects growing bearish sentiment in the cryptocurrency market, with significant spending by long-term Bitcoin holders reaching $4.02 billion. This trend is accompanied by increased short positions in major altcoins like BNB and ADA.
Source (2.6)https://coingape.com/bitcoin-funding-rate-turns-negative-as-traders-short-top-altcoins/?rand=24432
