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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Crypto Update | SEC Sues Paxos, Binance’s BUSD DepegsListen to this episode from Markets Daily Crypto Roundup on Spotify. With bitcoin testing $20K in wake of the second week of the SEC’s attack on crypto, plus a look at Bitcoin’s information symmetry, CoinDesk’s “Markets Daily” is back with the latest news roundup.Today's Stories...Read the full show notes here.Featured Story: Bitcoin, Markets and the Symmetry of Information-Join CoinDesk’s Consensus 2023 - the most important conversation in crypto and Web3 - happening April 26 through 28 in Austin, Texas. Consensus is the industry’s only event bringing together all sides of crypto, Web3 and the metaverse. Immerse yourself in all that blockchain technology has to offer creators, builders, founders, brand leaders, entrepreneurs and more! Use code MARKETSDAILY to get 15% off your pass. Visit consensus.coindesk.com or check the link in the show notes.-This episode was edited & produced by Adrian Blust with original music by Doc Blust & Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacydo-not-sell-my-info. The progression of Web3 initiatives can't be stopped! The inherent benefits it can provide for society is too hard to ignore. I do not believe any level of downwards pressure is enough to stop mass adoption. I regularly buy bitcoin in bitfinex via ownr
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