On-chain data shows the Bitcoin funding rates have mostly remained negative for more than a week now. If past trend is anything to go by, this may mean that a bottom could be near. Bitcoin Funding Rates Have Now Remained Mostly Negative For More Than Seven Days As pointed out by an analyst in a CryptoQuant post, the Bitcoin funding rates have been negative in the past week for the most part. The “funding rates” is an indicator that measures the periodic fee Bitcoin futures traders have to pay each other in order to hold onto their positions. When the value of this indicator is positive, it means long holders are currently dominant and are paying a premium to short traders. Such values occur when the market sentiment is majorly bullish. On the other hand, negative funding rates imply shorts now outweigh the longs and are willing to pay a fee to the longs. This kind of trend may show that the majority sentiment among traders is bearish at the moment. Related Reading | Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction Now, here is a chart that highlights the trend in the BTC funding rates since April of last year: Looks like the value of the indicator has been negative recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin funding rates have been mostly negative for more than a week now. Related Reading | This Bitcoin Volatility Index Pattern Suggests A S...
