Bitcoin traders have significantly decreased their bullish bets on the cryptocurrency, evident from the negative Bitcoin funding rate. This negative rate, observed for the first time since October 2023, points towards a notable decline in demand for Bitcoin futures contracts.
Several factors contribute to this moderation in Bitcoin demand, including diminishing net inflows to US spot-Bitcoin ETFs and the limited impact of the recent halving event on Bitcoin’s price. Additionally, geopolitical tensions in the Middle East and potential delays in Federal Reserve rate cuts have further subdued buyers’ enthusiasm for the cryptocurrency.
Implications of Decreasing Bitcoin Funding Rates and Inflows to US Spot-Bitcoin ETFs
The decline in Bitcoin funding rates, which peaked in March but now sit below zero, signifies a notable decrease in traders’ inclination to open long positions. Analysts foresee that this streak of neutral-to-below-neutral funding rates may lead to further price consol

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