Amid the repetitive rejection above $110,000 levels, Bitcoin funding rates have turned negative as the BTC shorts pile up. This highlights growing bearish sentiment with spending from the long-term BTC holders on the rise as well. Similarly, short positions have also built up for some of the top altcoins such as Cardano (ADA), and Binance Coin (BNB). Bitcoin and Altcoins Funding Rate Hints Correction Ahead Blockchain analytics platform Glassnode has revealed a notable shift in the market as the Bitcoin funding rate turned negative, signaling growing bearish sentiment. BTC bulls have failed to sustain above $110K level, giving the shorts an upper hand. A negative funding rate in perpetual futures trading shows that short traders have the upper hand over long traders, highlighting that the market condition is flipping bearish. But the Glassnode data shows that apart from BTC, a similar situation appears across top crypto market altcoins as well…. Read More at Coingape.com
The post Bitcoin Funding Rate Turns Negative As Traders Short Top Altcoins appeared first on CoinGape.
