Data shows Bitcoin shorts have been piling up on cryptocurrency exchanges Binance and Deribit during the past few days.
Bitcoin Funding Rates On Binance & Deribit Are Deep Red Right Now
According to data from the analytics firm Santiment, traders on the derivative market have continued to bet against the cryptocurrency recently. The relevant indicator here is the “funding rate,” which keeps track of the periodic fee that derivative contract holders on an exchange are paying each other right now.
When this metric has a positive value, it means that the long traders are paying a premium to the short traders in order to hold onto their positions. Such a trend suggests that the majority sentiment on the given exchange is bullish currently.
On the other hand, the metric being under the zero mark implies the traders on the platform hold a bearish mentality at the moment, as the shorts are the dominant force.
Now, here is a chart that shows the trend in the Bitcoin funding rates for B
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