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Bitcoin Funding Rates Hit New Yearly Lows Because All the Cool Kids Are Trading Dogecoin Now

An illustration of a bear standing on top of the Bitcoin logo with its paws holding down two arrows pointing downwards in opposite directions; one arrow is labeled 'short' while the other is labeled 'long'. The background features an image of Binance's exchange platform, and at the bottom there are several coins falling from above. In the foreground a dog figurine stands on top of another coin with its paws raised up as if celebrating.

Well well well, looks like the Bitcoin party is over folks! Funding rates on Binance just reached their lowest point of the year, signaling that everyone’s favorite cryptocurrency has officially become yesterday’s news. It seems short positions are winning out against long ones, which can only mean one thing: people have lost faith in this digital gold standard (or should I say, “digital garbage with a fancy logo”?.

Source: cointelegraph

Bitcoin funding rates on Binance, the largest global cryptocurrency exchange by trading volume, have plummeted to their lowest levels of the year, signaling a significant shift in market sentiment. According to CryptoQuant onchain analyst EgyHash, the exchange’s Bitcoin (BTC) funding rates have remained negative for three consecutive days. This bearish shift was last observed in October 2023 and indicates that short positions — bets that the BTC price will decline […]

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