Funding rates have turned positive for bitcoin in an early, albeit hopeful sign that market sentiment is shifting positive. As an analyst, it would be improper, and even irresponsible to suggest that this marks anything remotely close to a bottom.
What is arguably the worst event in crypto market history, the collapse of crypto exchange giant FTX, may become a building block for crypto firms to succeed in the future, a sizable chorus is saying. However, this trend should be viewed in the context of eight prior days of negative funding, and bears watching, as the sharp decline on Nov. 9 may represent an overshoot to the downside.BTC Funding Rates 11/17/22
The three-month basis being previously negative implies bearish sentiment and may continue, which should be concerning for investors. . There’s certainly no guarantee that this will not continue. The primary message is the directional change.
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