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A CryptoQuant analyst pointed out that the cryptocurrency market is largely bearish, and is likely to experience further downturns in the near term, due to high Bitcoin BTC/USD funding rates.
What Happened: According to the analyst ‘Caueconomy’, the funding rates have turned negative yet again — and this time with even bigger numbers than ever before. “The last such negative hourly value was during December 2022, with the price of Bitcoin around $16,000.”
See Also: Top Indian Apps That Give Bitcoin, NFT Rewards
The “funding rate” is an important indicator for traders in the futures market, as it shows the periodic fee that long and short traders are exchanging with one another.
A positive value for this rate means that long holders are paying a premium to short holders, suggesting that the majority of traders are feeling bullish about the market.
Data from CoinGlass shows that over the past 24 hours, 10,666 traders have been liquidated to the tune of $25.87 million. Of that amount, over $5.87 million in BTC shorts were liquidated in contrast to only $2.3 million in longs.
Price Action: At the time of writing, BTC was trading at $22,431, up 0.09% in the last 24 hours, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.