Bitcoin funding rates shifted into negative territory on Sunday, underlining increased investor caution.
When a funding rate is positive, long positions pay short positions, reflecting bullish sentiment. The opposite is the case when funding rates are negative, as they are currently.To be sure, bitcoin’s funding rate is only slightly negative, but its recent trend is more noteworthy than the extent of its drop into the red, indicating a change.
Bearish sentiment in BTC funding rates coupled with bullishness in term structure aligns with the increasingly cautious tenor of crypto markets. Bitcoin’s trading range has also contracted over the most recent four trading days, with an average daily move of 0.67%. Trading activity is declining as well because BTC’s trading volume has fallen below its 20-day moving average for 11 consecutive days.
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GWilliamsJr_CMT Funding rates have been below neutral for some time while we continue to see long liquidations surpass shorts. Patiently waiting to see if bulls show up for the short squeeze, however for now 🐋 are attempting to carve out a local top. Let’s hope CPI beats market expectations tmw
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