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Title: Bitcoin (BTC) Controlled by Bears, But There’s a Silver Lining
The recent collapse of contracts funding rates to below zero has sent shockwaves through the cryptocurrency market. This rare phenomenon is being treated as a mixed signal for traders by CryptoQuant community expert Axel Adler. Notably, this development occurs when the average funding rate on four major exchanges – Binance, ByBit, OKX, and Deribit – has dropped into negative territory.
This unusual event is potentially attributed to the activity of corporate holders and experienced investors seeking liquidity, whereas “paper hands” are exerting significant selling pressure. As a result, Bitcoin (BTC) is currently changing hands at $84,700, having surged by 0.89% within the past 24 hours.
Moreover, it’s essential to acknowledge that this bearish market has just set in motion. While this development might be perceived as unfavorable for investors, there may be a silver lining. In past cycles, similar instances have terminated with either an increase or decrease in price.
The author wishes to emphasize that these circumstances should not be taken lightly and traders should remain vigilant while observing the market’s reaction.
Source: https://u.today/bitcoin-btc-controlled-by-bears-but-theres-a-silver-lining
