Bitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?
2024年9月11日 - 10:30AM
NEWSBTC
Data shows derivatives exchange users are still shorting Bitcoin
after the recovery that the cryptocurrency has enjoyed beyond the
$57,000 mark. Bitcoin Funding Rate Is Still Negative On Major
Exchanges According to data from the analytics firm Santiment,
investors have been shorting BTC for the last few days. The
indicator of interest here is the “Funding Rate,” which keeps track
of the periodic fee that the derivatives contract traders on a
given exchange are paying each other right now. Related Reading:
Ethereum Bullish Signal: Adoption Hits Four-Month High Rate When
the value of this metric is positive, it means the long contract
holders are paying a premium to the short investors in order to
keep their positions. Such a trend implies a bullish sentiment is
shared by the majority. On the other hand, the indicator being
negative suggests the shorts are outweighing the longs, so a
bearish mentality can be assumed to be the dominant one in the
sector. Now, here is a chart that shows the trend in the Bitcoin
Funding Rate for two platforms, Binance and BitMEX, over the past
month: As is visible in the above graph, the Bitcoin Funding Rate
on both of these platforms had achieved large negative levels
around the price bottom a few days back. This means that
derivatives users had been expecting the decline of the
cryptocurrency to continue further. The bet of these Binance and
BitMEX traders clearly didn’t work out, though, as the coin has
been going up since then. In fact, the liquidation of these
investors is likely what has facilitated the rebound from the
bottom. Bitcoin has continued this surge during the past 24 hours,
breaking past the $57,000 level. According to data from CoinGlass,
this BTC surge and the uplift across the rest of the sector have
caused almost $123 million in liquidations. Out of these, over $88
million of the liquidations have involved the short investors, with
Bitcoin shorts alone making up for around $34 million of the flush.
As displayed in the Funding Rate chart, though, the metric has
still continued to be negative on these platforms, suggesting that
bearish speculators haven’t let up even after this heavy beating.
Related Reading: Dogecoin To $0.15: Analyst Explains What Could
Kick Off A Fresh Rally But as it has already happened in this surge
so far, these positions could end up finding liquidation, thus
fueling the price surge even further. It now remains to be seen if
Bitcoin will continue to go contrary to this expectation held by
the majority of the derivatives investors or not. BTC Price At the
time of writing, Bitcoin is trading at around $57,000, up more than
3% over the last 24 hours. Featured image from Dall-E,
Santiment.net, chart from TradingView.com
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