Crypto bears are heavily chipping away at Bitcoin's recent surge, derivatives data indicates, leading bulls to hope they will be squeezed out soon.
The Bitcoin perpetual futures funding rate on Binance hit a four-month low of negative 0.011% by lunchtime Sydney time. according to Coinglass. That means many traders were short Bitcoin that they had to pay long to hold their positions, rather than the more typical reverse scenario.
Negative financing rate. Leverage still high. Volume still thin. perfect recipe #bitcoin
โ Juanito Frost (@DrEscarcha) January 12, 2022
However, the funding rate on Binance turned positive again later in the afternoon.
At 4:50pm AEDT, BTC was trading at a seven-day high of $43,667, up 2.2% from yesterday.
Ethereal it was changing hands at $3,340, up 3.4%.
Crypto market up 3.3%
Overall, the market stood at $2.2 trillion, up 3.3 percent from yesterday, with only a handful of coins in the red.
Shiba Inu was the biggest gainer in the top 100, rising 13.7 per cent to 0.003215c.
Olympus, doecoin, DeFi Kingdoms Y Harmony They increased about 13 percent.
close protocol was the biggest loser, falling 4.7 percent to $17.77 after several days of strong gains and record highs.
