#Bitcoin Funding Rate Turns Negative As Traders Short Top Altcoins

Bitcoin and altcoins funding rates turn negative, indicating a bearish outlook in the overall market as bulls fail to continue rally.

Highlights

Along with Bitcoin similar bearish trends are observed in altcoins like Binance Coin (BNB) and Cardano (ADA).

Solana (SOL) stands out, ranking as the 6th lowest funding rate among tracked assets.

Spending by long-term Bitcoin holders (1-5 years) has surged to $4.02 billion.

Amid the repetitive rejection above $110,000 levels, Bitcoin funding rates have turned negative as the BTC shorts pile up. This highlights growing bearish sentiment with spending from the long-term BTC holders on the rise as well. Similarly, short positions have also built up for some of the top altcoins such as Cardano (ADA), and Binance Coin (BNB).